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zInitiate® Account Opening Solution

 

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zInitiate Brochure

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High attrition rates, increases in debit usage, and new regulations are quickly changing the retail demand deposit landscape. Zoot’s zInitiate® account opening software solution enables financial institutions (FIs) to make optimized product offers (deposit and credit)to increase retention and grow accounts—bringing profitability back to demand deposit accounts (DDAs).

An Alternative in Checking Account Opening

Leading the next generation of DDA account opening solutions, zInitiate, facilitates instant checking account application decisioning while leveraging account opening interactions to simultaneously prescreen customers for deposit or credit cross-sell offers. The solution integrates the necessary data types to efficiently support account origination such as: checking closed for cause, fraud, KYC, and OFAC, in addition to using both bureaus and alternative data providers to optimize the evaluation of consumers including those with thin and no files. zInitiate also provides business users the control to confidently configure their solutions and product offerings. By leveraging an unprecedented level of business user control and access to our data and services integration hub, our clients can effectively evaluate consumers’ risk levels to make smarter decisions.

Instant Onboarding In Any Channel

Zoot’s zInitiate solution supports instant account opening across every channel—branch, online, mobile, call center and ATM. This solution is the only one in the industry that empowers banks to offer truly omnichannel account opening. Any question that a bank needs to answer during the onboarding process (Is this consumer who they say they are? Am I allowed to do business with them? etc.) can be answered automatically in realtime. The consumer can complete the entire process in a single channel or across multiple channels, with equal ease and convenience.

Adaptable Account Opening Provides Control

zInitiate empowers FIs to make realtime changes to business rules, credit policy, or even switch data sources in a secure environment to make more informed decisions. With this, FIs can respond quickly to dynamic market and customer demands—including easily creating various DDA product levels, matching customers to the appropriate product balancing usage and potential profitability for the best fit.

Data Integration Hub Offers New Approach

Zoot’s zInitiate solution utilizes an open marketplace of industry leading data providers to support demand deposit account opening, including alternative data options that can be used to replace traditional closed for cause data. FIs can take advantage of these data providers to radically change their DDA opening. Through Zoot’s data provider integration capabilities, FIs can focus on obtaining the right data for each scenario, without extensive IT integration, and thus, never have to accept inferior, bundled data packages.

Cross-selling to Retain Customers

Using zInitiate, FIs can leverage account opening interactions to simultaneously prescreen customers for deposit or credit cross-sell offers. Customers with multiple products at a FI, are likely to have more frequent usage of those products and are less likely to attrite.

zInitiate account opening solution enables clients to:

  1. Evaluate dozens of data providers through our independent data and services hub to utilize any set of data to make the best decisions for your bottom line;
  2. Segment customers by checking account feature usage, likelihood of attrition, and lifetime value to ensure customers are matched to the appropriate product, balancing usage and profitability to the FI;
  3. Respond quickly to market changes by utilizing business user control to easily make changes to products, policies, and rules;
  4. Add more functionality as business goals require increased sophistication, easily activating zInitiate’s optional capabilities including offer repository, multichannel integration, cross-sell across the enterprise, relationship-based pricing, data provider comparisons, etc; and
  5. Initiate long-term customer relationships and create an enhanced customer experience.

We needed the ability to integrate with multiple vendors to support our multi-state lending product portfolio. zOriginate provides real-time information to our staff enabling them to present the best loan options more quickly, creating an even more positive client experience while reducing loan processing time and costs.

—Wendy Clausz,
SVP of bank operations, Thrivent Financial Bank

 

Take a deeper dive:
Solution Brochure, “zInitiate®account opening solution”
ZootBlog Post,“DDA Overdraft Reform Offers Opportunity to Create a Customer Experience”
ZootBlog Post,“Best Practices for Demand Deposit Account Opening”
Press Article,“The End of an Era for Checking?”
Industry Brief,“An Integrated Approach to Account Origination”
Industry Brief,“The Evolution of Prescreen: Sophisticated Lenders Take Advantage to Grow Accounts”

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