Blend's new product can cut application process to as little as two minutes
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Online lending company Blend has launched a deposit account offering that allows customers to open an account using any device.
Consumers start deposit account applications on mobile devices (32%) at nearly the same rate as they do in-branch (34%), according to Javelin Strategy & Research. However, roughly half of them are cut short and forced offline in the middle of the application process on their smartphones. Some of the interrupted users then go to other tech-advanced competitors.
Blend said its deposit account product eliminates the need for inconvenient branch visits and cuts the process to as little as two minutes.
"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 Olivia Teich, head of product at Blend. "This is an important step in our journey to build a single platform for lenders to provide exceptional customer experiences across their products."
