In our next FinovateSpring Behind the Scenes we’re featuring Endeavour, which showcased a mobile account opening solution, MobileAO, and Insuritas, which brought a bank-hosted insurance marketplace, SmartCART, to the stage.
Here’s a reference of the previous installments:
- BodeTree, Roostify, and SmartAsset
- Pellucid Analytics, Red Giant, and Zumigo
- ChiaraMail, Dealstruck, and LendingRobot
- Market Profit, Nearex, and Sureify
- Tactile Finance, Visible Equity, and Vorstack
- Rippleshot, TextPower, and WePay
- CUneXus, ID.me, and Venovate
What they do
Endeavour specializes in helping companies go mobile. Their solutions span a wide array of verticals– from healthcare, to retail, to insurance, to entertainment, and beyond. At FinovateSpring 2014, they debuted their mobile account opening solution, MobileAO for medium to large banks that have complex credit decision rules.
To help banks achieve their goal of becoming more mobile, Endeavour is working with
Zoot to connect to banks’ core systems and with
Jumio to integrate their form-filling technology,
FastFill.
MobileAO can either be integrated within the bank’s existing mobile app using Endeavour’s API or banks can launch it as a standalone, whitelabled app.
Stats
- Founded in 2008
- 300+ employees
- Locations in 4 countries
The experience
The MobileAO solution gives customers the ability to apply for new accounts when and where they want to, directly from their mobile device.
Endeavour’s integration with Jumio’s FastFill eliminates the need for data entry. When users snap a picture of their drivers license on their mobile device it uses optical character recognition (OCR) to pull relevant data and automatically fill in the fields on the application. This saves time, reduces errors and mitigates form abandonment.
Once the customer agrees to the terms and e-signs the form, MobileAO can instantly approve (or reject) customers for the account selected.
If approved, the system immediately issues them a credit card number, which they can use to purchase items online or load into their Google Wallet.
The web portal puts the bank in control of the look and feel of the app by allowing them to make edits on the fly, without a specialized IT department. It also enables them to tweak credit offers and products without deploying a new app in the app store.
The screenshot below shows the administrative experience, which enables the institution to tailor the app’s look and feel and choose a theme. It also lets them customize the fields that will be included in the application and decide what the acceptance screen includes.
While the user interface of MobileAO is aesthetically pleasing, the back end is robust enough to handle complex credit decisioning while meeting regulatory requirements. This is key since it enables instant credit approval.
What they do
Insuritas’ SmartCART technology creates a transparent and frictionless environment where consumers can shop for, compare, and buy insurance, directly from their banks’ website.
Banks can offer customers an insurance marketplace hosted in a place they already trust– the bank’s website. When customers purchase insurance through the bank’s site, the bank receives insurance commissions, which serves as a unique way to generate fee income.
Stats
- Launched SmartCART April 2014
- Raised $10 million Series A funding
- Has more than 70 financial institution partners
- 76% of product sales revenue renews year-over-year
The experience
Insuritas aims to bring the Amazon.com checkout experience to insurance purchasing. Users can visit the insurance portal within the bank’s website to compare and purchase different types of insurance products, such as:
- Auto
- Home
- Life
- Business
- Property
The screenshot below displays the different products that the Bancorp South offers in its Insurance Aisle:
Users can add multiple insurance products to their shopping cart (located at the bottom right) before checking out, and are also given the option to continue shopping (bottom left). In the instance below, the customer has selected four different types of insurance products. Note that this experience is still hosted inside the online banking environment.
After purchasing the insurance products, the user can manage their accounts and view documents from a single location within their online banking platform.
Using Insuritas’ SmartCART, banks can increase their clients’ trust, create brand and website stickiness, and even create a source of non-cyclical, annuitized income generated from policy renewal fees.
We’ll have more Behind the Scenes later this week.
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