As Banks Scramble to Bridge the Technology Gap, New Providers Step Up To The Plate

Milwaukee, WI – As banks scramble to bridge to the gap between brick and mortar and online banking there exists the challenge of implementing technology without escalating expenses.  Milwaukee-based NX Institutional Solutions, LLC, thinks they have found the perfect solution, the “NX solution”.  The NX Solution is a patent-pending automated touch screen insurance distribution channel designed with both bank and insurance compliance in mind.

“Institutions are looking for ways to drive non-deposit fee income without taking on additional overhead.  Insurance commissions have always been a good source of revenue and now for the first time they can be generated without traditional expenses,“ says Matthew T. McGonigle, the company’s founder.  The NX Solution allows a bank to select popular insurance products and offer them to their clients via an automated solution that will recommend product, present product via compliant HD video and gather all customer information with the swipe of a driver’s license.  At the present time, the platform features CD alternatives such as single premium annuities and life insurance, as well as traditional insurance products from A-rated carriers.

Large banks have been selling single premium life and annuity products at an exceedingly high rate over the past few years and smaller banks and credit unions are starting to get into the game.  Some banks are proactively looking to sell insurance products, while others are simply trying to capture transitioning assets, like CDs walking out the door in search of higher rates.  The NX Solution is truly a hybrid in the banking world as the platform features an a la carte menu of digital solutions to meet the specific needs of an individual institution.  These features allow the NX Solution to be deployed on a tablet device, such as an iPad, or a kiosk installation with introductory and educational videos initiated by the customer or bank personnel.  “The NX Solution can be integrated into a bank’s brick and mortar operations, while starting to bridge the gap into online banking.  And, as a web-based platform, each bank can truly customize their customer’s experience,” says McGonigle.  It is the ability to customize the experience, select individual products and provide further bank branding that has banks excited about this new distribution channel.

There is no doubt that the race to generate new sources of revenue has begun and technology solutions providers are simply trying to keep up with demand.  NX Institutional Solutions, LLC is a relatively new provider with roots in financial marketing, which they feel gives them an upper hand.  “We are able to deliver proven products, compliant marketing, illustration support and technology that these institutions need as they continue to see less foot traffic and more web traffic.  We offer solutions that capitalize on those transactions still taking place in the bank, like a CD withdrawal, by offering a CD alternative.  But we also know that online and mobile banking is the future, so we are positioned to ensure a smooth transition and a long term solution,” says McGonigle.  

The NX Solution is currently available to qualifying institutions with various levels of training, support and customization available based upon the needs of the institution.   By delivering a full turn key solution in one package, the NX provides institutions with access to the technology and services of Active Radius, Akamai, Arkovi, Brightcove and the Ascent.  Additionally, on-site training and on demand video are part of this solution, which allows an institution to adapt seamlessly with live support whenever they need it.  With the ability to generate compliant automated multimedia solutions in house and a vast network of insurance carriers eager to distribute product in bank channels, look for NX Institutional Solutions, LLC to start making some serious headway in 2012.