5 Reasons Why Real Time Account Load Capabilities Are Crucial for Challenger Banks

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For challenger banks, neo banks and wealth management firms with account product offerings, how you facilitate the loading of funds to an account from a user’s separate banking account can be crucial to customer experiences, product adoptability and reduces the risk of non-payment. 

While the demand for real time transfers and disbursements of funds is already commonplace with consumers, the expectation that loading of funds to an account be in real time is just as important. Below we’ve outlined 5 reasons why enabling real time account loads can be beneficial to your business. 

 

Real Time Confirmation

Integration of tools like DirectPull to your Challenger Bank or Wealth Management account not only enable the real time pull of funds from a user’s account to load their account within your application, but also provides real time confirmations so both you and the user can see approvals as transactions are made. This allows for better cash flow management for the user and enhances their experience. 

 

Reduced Risk of Non-Payment

Unlike load capabilities like EFT that require you to take a risk and advance customers the funds, real time loads enable immediate pulling of funds so you don’t have to wait several days for a transaction to complete – the customer’s funds appear in their account within seconds. This helps you avoid insufficient funds or non-payment risks associated with slower account loading methods.

 

Enhanced Customer Experience

Real time loads provide customers with easy setup, simple processes and quick access to their funds, where other mechanisms like e-transfer would require cumbersome administrative processes and usability friction for the user. 

 

One Ecosystem

From within your application, customers can initiate real time load transfers for a quick and seamless user experience no longer having to use mechanisms like eTransfer or Bill Pay in their loading bank’s app. By seamlessly integrating real time loads into your solution and product offering, you increase product adoptability with a strong, reliable user experience for your customers. 

 

Immediate Access to Funds

Finally, your customers benefit from real time loads with immediate access to funds for investment, bill payments, etc depending on the functionality they use the account for. They no longer have to wait a day or two for funds to load, and you no longer have to front the funds that you normally would with other load methods. 

 

Whether you’re looking to reduce administrative work and risk, or increase product adoptability and enhance the user experience, real time load capabilities are a critical piece of the challenger bank and wealth management account puzzle.

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