Andera Inc., which specializes in online customer acquisition for retail financial institutions, acquired oFlows, Inc., which specializes in paperless origination solutions for consumer loans, credit cards, insurance, and other products.
“More customers, less paper is the goal for our clients,” says Charlie Kroll, CEO of Andera. The merger allows financial institutions to work with a single provider to originate in all channels—mobile, web, call center, and branch, he adds.
oFlows offers its Mobilize and Connect solutions for iPads and other mobile devices which make it possible for financial institutions to be where their customers are.
“This move is good for the market as well as the two firms,” says Ron Shevlin, senior analyst at Aite Group. “From the financial institutions’ perspective, the ability to have a unified platform for originating accounts across product types and channels enables significant gains in efficiency and improvements in the customer experience.”
Scott Pitts, former CEO of oFlows, joins Andera’s management team as chief product officer. “Together we deliver the whole enchilada,” he says.