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Recently launched account open feature helps financial institutions, including Seacoast National Bank, to expand relationships with customers and acquire more deposits
MILWAUKEE, April 21, 2009– Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced the availability of its new Account Open technology allowing customers to activate new deposit accounts within Metavante’s Consumer eBanking (CeB) solution. This latest technology allows Metavante CeB clients’ banking customers to activate new deposit accounts in real-time and without the need to complete lengthy applications for new customer acquisition.
Metavante’s new Account Open feature provides financial institutions using CeB technology with the ability to directly market, sell and fulfill additional deposit accounts to customers who regularly use their online banking platform. Once existing customers complete the CeB secure sign on process, they can open additional deposit accounts and fund them through online transfers from a bank or held-away account. The account is opened in real-time and viewable in the customer’s account. The full process can be completed in less than 30 seconds. Deposit products supported include checking, savings, Money Market and Certificate of Deposit accounts. The Account Open technology is part of a set of integrated deposit gathering capabilities offered through Metavante’s eBanking Solutions that also include online account creation services and multi-channel servicing applications.
Seacoast National Bank, the principal subsidiary of the banking holding company Seacoast Banking Corporation of Florida (Nasdaq: SBCF), is using the technology in pilot as part of its CeB relationship with Metavante to deliver significantly increased online banking functionalities. Since introducing Consumer eBanking Account Open to its customers, Seacoast National Bank has experienced a marked increase in the total number of new deposit accounts created, resulting in augmented deposit growth for its organization. With assets in excess of $2.3 billion, Seacoast Banking Corporation of Florida is headquartered in Stuart, Fla.
“We are using Metavante’s enhanced eBanking solution in order to retain existing customers, attract additional ones and grow deposits,” said Matthew Kennedy, alternative delivery manager, Seacoast National Bank. “Because of our success with the CeB platform, we decided to participate in the Account Open pilot. In the first month alone, we experienced a 243 percent increase in new deposit accounts that are opened online. This new technology from Metavante has enabled us to more than double our deposit growth while increasing customer satisfaction and reducing overall costs.”
In a recent study, Celent Communications recognized Metavante as one of the top two providers of retail Internet banking technology out of 10 participants that were evaluated. “Metavante’s investments in the Internet banking channel are evident in its products and services directed at the Internet channel; their Consumer eBanking solution is a model for the industry,” said Jacob Jegher, senior analyst, banking group, Celent. “Banks must focus on improving the quality of their interaction with customers at the point of acquisition across all channels or risk losing deposits to more nimble players. Ultimately, the goal is to implement a paperless and customer-friendly account opening process that takes place in minutes, rather than days or weeks.”
“Metavante now offers financial institutions an additional way to significantly increase new deposit accounts from within our industry-leading Consumer eBanking solution,” said Susan Hawkins, division president, Metavante eBanking Solutions. “With the new CeB Account Open technology, financial institutions can leverage their existing customer relationships to make activation of new accounts rapid and easy. We believe this is a key differentiator for the Metavante eBanking solution and gives our clients a clear advantage over their competitors.”
Metavante eBanking Solutions is an extensive suite of retail and business electronic commerce services that enhance financial institutions’ abilities to sell and service through a variety of channels and provide consumers and businesses with real-time self-service banking and payments. Metavante eBanking solutions support approximately 500 financial institutions and their customers. Metavante’s industry-recognized Consumer Electronic Banking solutions provide end-consumers with the ability to open and fund accounts online and manage their financial relationships through the Internet, mobile devices, personal financial management software and telephone.
About Seacoast National Bank
The operating arm of Seacoast Banking Corporation of Florida (NASDAQ: SBCF) Seacoast National Bank has 43 offices in Florida and approximately $2.3 billion in assets, and is one of the largest independent banks headquartered in Stuart, Florida.
About Metavante
Metavante Technologies, Inc. (NYSE:MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to approximately 8,000 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, outsourcing, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante (www.metavante.com) is headquartered in Milwaukee.
Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc.