As MK Decision (MK) entered the account opening marketplace, we wanted to offer our customers a streamlined digital account opening platform that was intuitive for their applicants and efficient. To accomplish this, we partnered with Plaid, a data network powering the digital financial ecosystem, to simplify the funding step and increase successful funding rates. Plaid has connected applicants with over 11,000 financial institutions across the nation.
The driving factor behind this partnership was MK’s dedication to our mission. Ultimately, we want to strengthen local economies by empowering community financial institutions with the technology to open more accounts and serve their clientele digitally. With more money deposited, financial institutions can further invest in their communities.
Benefits of the Plaid Integration
In March of 2021, Nacha implemented a new rule requiring that account validation be performed with each ACH transaction to help financial institutions fight fraud. By implementing Plaid’s Auth product, MK customers can rest assured knowing that this requirement is taken care of on their behalf. With Auth, financial institutions can:
- Instantly authenticate bank accounts when an applicant is transferring funds from one account to another
- Initiate ACH transfers from nearly any financial institution in the nation
- Deploy seamless deposits
As fraud rises at an alarming rate, financial institutions struggle to verify digital identities. TransUnion reported that in the first four months of 2021, fraudulent attempts at financial institutions had increased by 109% compared to the last four months of 2020 (TransUnion, 2021). With this stark reality at the forefront, how can financial institutions adapt their processes to prevent fraud? MK has built an integration with Plaid’s Identity product to help financial institutions:
- Verify users’ identities in real-time through bank account data validation
- Automate Know Your Customer checks
- Pre-populate applicant information when linking bank accounts
While in the applicant’s existing account, Plaid's Balance product ensures that the consumer has enough funds to initiate a successful deposit. By using Balance, financial institutions can:
- Reduce Non-Sufficient Fund transfers and overdraft fees
- Enable pre-funding of accounts with insight into balances
- Verify account balances in real-time
How does MK bring this integration to life?
We built our digital account opening platform to be intuitive and seamless for applicants. The consumer starts their journey with an online shopping experience, Store, where they can view account offerings and compare imperative details for each product. Once the applicant has found the right financial product for their needs, they complete a mobile-first Checkout. Before applying, consumers review transparent Terms and Conditions dynamically generated by Documents and electronically agree to disclosures with Signatures.
Here is where the magic happens. With MK’s Plaid integration, applicants can locate their existing bank account, log into mobile banking, and initiate a deposit in as little as 7 seconds (Plaid, 2021).
How does MK help community financial institutions open more accounts?
By offering a streamlined onboarding process, financial institutions can support more consumers and increase their conversion rates. At MK, we focus on helping our customers optimize their digital channels to attract and retain clientele. Having a simple user experience while providing convenience allows financial institutions to grow their acquisition. We offer multiple funding methods to give applicants ease of use and control over their financial success. Presenting consumers with options allows MK’s customers to experience higher successful funding rates. With our Plaid integration, say goodbye to unfunded accounts and application drop-off.
Give a warm welcome to more deposit accounts and increased efficiency for back-office teams. Through integrations, MK has automated identity verification, rules-based Decisioning, Documents, and funding. Now, financial institutions can do more, doing less with the power of data. MK’s digital account opening and loan origination platform was built with security and compliance at the forefront, so our customers can focus on what matters most - their clientele.
Helping our customers offer a secure, online digital account opening platform is what we do. Learn how MK can help your institution overcome its challenges and elevate its digital offerings by contacting our Sales Team.