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Blend Launches Deposit Account FinTech

Blend [1] recently announced the launch of its deposit account offering. The new product enables Blend customers to offer a digital account opening experience to consumers across desktop and mobile.

“By making deposit account opening easier, Blend is enabling banks and credit unions, no matter their size, to deepen consumer relationships and stay competitive in a crowded market,” said Blend Head of Product Olivia Teich. “This is an important step in our journey to build a single platform for lenders to provide exceptional customer experiences across their products.”

Blend states that Mountain America Credit Union was able to fully roll out Blend’s deposit account product in one month, with all online account opening traffic now flowing through Blend’s platform. Already, the company has seen 53 percent of applications come through mobile, a channel not previously offered for deposits. Additionally, Blend notes that the time it takes to apply for and open an account has decreased by 46 percent.

“From the beginning, we knew Blend shared our vision for a simpler, more transparent consumer lending ecosystem,” said Kelly Albiston, Mountain America’s SVP of Digital Banking, Deposits and Card Services. “By partnering with them on multiple products, including deposit account opening, we are providing a consistent and streamlined experience for our members across the board and taking friction out of the process.”