March 15, 2007
Huntington: Funding Tool Lets It Offer Higher Rates
The feature profiles Huntington’s introduction of its Anywhere Savings account and CashEdge’s technology behind it. The article addresses the importance of the technology for opening “online-only” accounts as it allows new customers to open and fund accounts entirely online.
“Huntington is using CashEdge's OpenNow and FundNow products to enable new customers to open and fund accounts through the Internet. A process that once took two or three weeks now takes six days or less, Mr. Scholten said. ‘Customers coming online expect a real-time experience. In this virtual world, people are expecting things in a real-time basis.’"
“In the last two weeks 1,200 users have signed up for Anywhere Savings accounts. The fact that none of them have had to mail in paper forms has lowered Huntington's costs and enabled it to offer a higher savings rate, he said. ‘We can offer back a part of our savings.’"
“HSBC and Flushing Financial Corp. also use CashEdge products for funding accounts.”