Digital Banking > Best API
ClickSwitch is a developer of an automated account switching system that allows financial institutions to enable new customers to quickly and easily move their direct deposits to a new account. Owning the direct deposit allows banks to be identified as the primary bank and significantly improves the quality of new customers by improving engagement and increasing the opportunity to cross-sell high value lending products. The company plans to expand to bill pay, card switching, and business and brokerage account switching.
ClickSwitch’s automated switching platform helps users redirect their direct deposits and recurring payments to a new checking or savings account and close the old account. FI customers can choose to roll out the platform to end-users in-branch through a white-labeled web portal or integrate the API into digital onboarding flows.
The traditional method of switching a direct deposit or bill pay is manual and requires interfacing with HR – the hassle leads 60% of people who want to switch banks to abandon the process. On average, 40% of checking accounts are unprofitable and exhibit low activity. Capturing the direct deposit increases the profitability of an account by up to $212/account.