Amid strong competition for deposits, Seattle Bank’s CD Valet, which assists customers in finding the most competitive certificate of deposit rates, this month added digital account opening capabilities to the platform.
“We’re providing somewhat of a software-as-a-service subscription to other FIs in the ecosystem, that allows them to use our marketplace and platform to originate CDs so that they can grow deposits internally within their institution,” Howie Wu, general manager of CD Valet and head of product at $827 million Seattle Bank, told Bank Automation News.
The solution includes three services:
- Lead generation: The platform sends leads to financial institutions based on clients looking to open CDs within their general market area.
- Lead link: Through the platform, clients are directly deep-linked to an FI through the CD Valet website for direct account opening capabilities.
- Origination solution: Through a core integration, clients and FIs can complete a full end-to-end CD account opening on the platform.
The origination solution integrates directly into “most major core banking platforms,” according to the release.
The integration time frames for the capabilities vary, Wu said. For example, lead generation could take around one week to be up and running, whereas the origination one could require more than 30 days.
The new capability brings together a holistic buying experience, Wu said. The technology “takes that shopping experience one step further. … Where [consumers] can actually facilitate opening up an account, originating that CD, and funding that CD, directly within the marketplace.”
CD Valet, which launched in December 2022, tracks more than 19,000 individual CD offerings from more than 2,600 FIs, according to the release. Additionally, the platform continues to grow, with 10,000 new users per day hitting the site, Wu said.
Seattle Bank is the first live user of the new DAO solution, and more bank partners are “in the pipeline” as the solution continues to drive adoption, Wu said.
