Deposit Accounts Enhancements

We've rolled out significant enhancements to your Deposit Account product including a new product recommendations workflow, party-specific information collection, and basic support for IRA. We've focused on refining existing functionalities and introducing new capabilities to serve you better. For a comprehensive overview of these improvements and more, please visit this help center article. 

Please reach out to your Blend representative if you want to learn more. 

Prefill Member Group Code via url parameter

If a Member Group Code matches, the Select Employment Group field will automatically prefill, significantly streamlining the intake process and reducing the time it takes to complete an application. This makes starting an application quicker and more efficient for members within recognized member groups.

Product recommendations workflow 

We've implemented a new 'Suggested Product' page and flexible configuration options to optimize the application workflow, ensuring applicants are presented with relevant product recommendations while maintaining a streamlined experience.

• Dynamic 'Suggested Product' Page for Upselling:

  • For specific application journeys, a new 'Suggested Product' page will now be presented to applicants. This page intelligently recommends a 'Special Checking Account' if it hasn't already been selected, aiming to upsell customers on recommended products they may not have initially considered.

  • Consumer Self-Serve Flow: If a consumer deep-links into a 'personal' application flow with a product (e.g., a savings account), and the deep-linked product is not the recommended 'Special Checking Account', they will be prompted on this new page to add the suggested product to their cart. The shopping cart page can now be configured to be skipped in these deep-linked scenarios.

  • Banker Intake Flow: After a banker selects an account type (Individual/Joint, HSA, Minor, Retirement), they will proceed to a shopping cart screen. If their selections do not include the promoted 'Special Checking Account', the 'Suggested Product' page will appear, allowing them to easily add it.

• Configurable Components: We've introduced new DCS configurations to give you granular control over this feature:

  • Shopping Cart Presentation: Configure whether the shopping cart page is presented or skipped when an application is deep-linked with a specific product.

  • Recommendation Form Trigger: Define the conditions and journeys that trigger the display of the 'Suggested Product' recommendation form.

  • Recommended Products: Easily configure which products are recommended on the 'Suggested Product' form.

Benefits:

These updates provide more control over the application journey, enhance your ability to upsell and cross-sell, and improve the overall efficiency and user experience for both self-serve consumers and bankers. 

Expanded Address Verification Coverage

The updated Address Verification workflow now extends to additional party types, including Authorized Users, Beneficiaries, and Minors. This ensures that critical address information for all relevant individuals is accurately verified, leading to improved data quality and a more robust application process.

Configurable Custom Questions for BSA

We've enhanced our platform to provide a more standardized and flexible approach to managing compliance-related inquiries. We now support configuring Custom Questions directly via the Digital Configuration Service (DCS). This crucial update ensures that templates can now consistently support Bank Secrecy Act (BSA) questions in a standardized, out-of-the-box manner, reducing manual effort and potential inconsistencies.

Benefits:

This enhancement streamlines the process of incorporating BSA compliance questions, improving consistency, reducing deployment efforts, and ensuring regulatory adherence across all relevant applications.

Party-Specific Information Collection Configuration

You can now enable/disable information collection on a per party type basis. This provides greater flexibility for different customer requirements and streamline the user experience by reducing unnecessary data collection. This will be supported directly via the Digital Configuration Service (DCS).

• Mailing or Address Collection for:

  • Joint Applicants

  • Beneficiaries 

• Marital Status for:

  • Primary Applicant

  • Joint Applicants

Product-Specific Feature Configurations

You can now manage even more product-specific features directly through DCS. This allows for dynamic adjustments to your application's behavior without requiring code changes, significantly speeding up deployment times and easing ongoing maintenance. One of these feature updates includes: 

• Ability to Disable Contingent Beneficiary Collection: You now have the explicit option to disable the collection of contingent beneficiary information. This provides greater flexibility for products and application flows where this data is not required, streamlining the user experience and reducing unnecessary data collection.

• eStatements: Control the availability and options for eStatements within your application.

• Overdraft Protection: Configure the presentation and functionality of overdraft protection features.

• Funding Feature: Configure the ability to disable funding for all or some products.

• Debit Card (including debit card images): Manage debit card ordering options, including the ability to present and select various debit card images.

• Field of Membership Codes and Groups: Support for configuring field of membership codes and groups directly via DCS 

Basic Support for Retirement Accounts (IRAs)

We now support Retirement Accounts (IRAs) within our application platform, streamlining the process for both consumers and enterprise users. 

'Retirement Account' Option in Journey Chooser:

• A new 'Retirement Account' option has been added to the account type selection in the journey chooser, available for both consumer self-serve and enterprise (banker) intake workflows.

IRA Products Added to DCS:

• IRA has been incorporated as a new account type within the Digital Configuration Service (DCS) products list, including support for:

  • IRA Savings

  • IRA Money Market

  • IRA CD

Individual Ownership Enforcement:

• IRA accounts are now strictly enforced as individually owned. The system will prevent the addition of joint owners, authorized users, or any other additional party types to IRA applications, ensuring compliance with IRA regulations.

Spousal Beneficiary Requirement for Married Applicants:

• For applicants with a marital status of 'married', the system now requires their spouse to be designated as the SOLE primary beneficiary for IRA accounts.

• Applicants retain the flexibility to add additional contingent beneficiaries beyond their spouse, if desired.

Benefits:

This release introduces essential functionality for IRA account opening, ensuring regulatory compliance, simplifying the application process, and providing a clear, guided experience for applicants seeking retirement savings solutions.

Ability for a consumer to edit any application data pre-submission

Consumers now have the ability to review and edit any application data prior to final submission. This empowers applicants to make necessary corrections or updates to all entered information, ensuring accuracy and reducing errors before their application is finalized.

Benefits:

This enhancement significantly improves the consumer experience by providing increased control and confidence, ultimately leading to more accurate submissions and reduced post-submission corrections.

Updated Consumer Application Summary Review Form

Applicants can now easily review all their application details and account structures on a clear, intuitive summary form. This update ensures that consumers have a complete overview of their entered information and selected account configurations, boosting confidence and accuracy before final submission.

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