MK Decision Democratizes Banking Industry with Digital Account Opening Platform
MK Decision (MK) introduced digital account opening as an expansion to its industry-leading credit card, personal loan, and indirect loan origination system. MK now offers a comprehensive platform, where marketing and decisioning converge, to help community financial institutions thrive on both sides of the balance sheet.
With megabanks controlling 69% of the online account opening market (Forbes, 2020), MK responded with an affordable, digital platform to secure checking & savings account market share for community financial institutions. By launching online account creation, MK has doubled down on its mission to facilitate quality deposits and loans in an effort to strengthen local economies.
According to a recent Forbes article, 44% of community banks and 25% of credit unions will replace their legacy account opening provider in 2021 (Forbes, 2021). In preparation for this market demand, MK launched its digital account opening product to build awareness for its customer's product offerings, grow interest, and increase conversions online.
Applicants begin their experience in an online store branded to their financial institution, where they can learn about each checking & savings account’s details. Once an applicant decides to open an account, they are guided through a mobile-first checkout process equipped with an ID scan to pre-populate their data. Before completing the application, account opening disclosures are available to sign with electronic signatures. To ensure the financial institution is always protected, MK’s IdentityConnect performs real-time OFAC, Patriot Act, Politically Exposed Person, Specifically Designated National, and FIS ChexSystems Qualifile checks. MK’s product is designed with Bank Secrecy Act (BSA), FinCEN, and Anti-Money Laundering (AML) laws in mind to guarantee financial institutions are compliant with all federal and industry regulations.
When it comes time for applicants to fund their account, they have the option to authenticate their existing bank account with MK’s API integration to Plaid or deposit funds from a debit card. Once an application is submitted, the financial institution can optimize cross-selling opportunities for other product offerings, like personal loans or credit cards.
While MK puts a heavy emphasis on consumer experience, it also streamlines the banker experience. MK has deployed the power of real-time identity decisioning so that financial institution's teams can easily manage risk at scale. By integrating with identity verification providers, core processors, and credit bureaus, MK removes the need for repetitive, manual data entry and provides end-to-end data flow, from application to account creation.
In the words of MK Decision’s Chief Executive Officer, Har Rai Khalsa, “After becoming the industry leader in credit card origination, it became clear to MK Decision that banks and credit unions demanded that we help them with the first consumer transaction to begin all banking relationships - the checking and savings account process. We quickly found that by supporting both sides of a financial institution’s balance sheet, our platform uniquely aligns with the financial institution's business model. MK Decision’s goal is to be the number one provider in this market as we set our vision to define the future of banking.”
About MK Decision
MK Decision's mission is to help community financial institutions thrive by receiving more deposits and more loans. With a commitment to strengthen local economies, MK’s platform gives community banks a competitive advantage through simple, beautiful customer experiences and streamlined banker workflows. The MK platform supports a variety of financial products including checking & savings accounts, credit cards, and consumer, commercial, small business, and indirect loans. So far, MK has helped over 200 community banks acquire customers online. MK was founded in 2015 and is headquartered in San Diego, California.
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