Removing Friction for Consumers Switching Financial Institutions


DUPACO Callout Box

ClickSWITCHClickSWITCH solves the challenge of switching direct deposits and recurring payments. The solution enables financial institutions and challenger banks to fund new accounts and increase profitability of new account holders.”

Switching financial institutions is a big decision, which many of us face at some point. Common reasons to switch include moving your place of residence, going to college, having a bad customer experience or cashing-in on an account opening promotion. Often times, it’s a frustratingly tedious process because new account holders typically have to work with the bank/credit union to set up their new account, contact their employer to get their direct deposit switched over, contact various billers, fill out time-consuming forms and mail out information to ensure continued service as they switch their payments from one financial institution to another. Seeing this painful and time-consuming process, the founder and CEO of ClickSWITCH, Cale Johnston, knew there had to be a better way. He recognized the need for an easy to implement, fast and consumer-friendly way to switch direct deposits and automatic payments. Cale created ClickSWITCH, a digital switch solution.

The solution removes friction and makes the process of switching accounts easier. ClickSWITCH takes a process that could traditionally take weeks and converts it to a simple process that takes only minutes for the account holder. “No other company in the industry is trying to remove this friction point for consumers,” says Cale. “Research shows that over 40,000,000 people desire to switch financial institutions in the next 12 months and with demographic shifts and changes in the banking ecosystem, this will likely rise dramatically,” noted Cale.ClickSWITCH is uniquely positioned to help opportunistic financial institutions capitalize on this momentum with its services thus enabling its clients to make switching to their financial institution easy, capture more deposits, rapidly and consistently gain PFI status, and increase profitability.

ClickSWITCH has a stand-alone solution and an API. The stand-alone solution is suited for financial institutions that want to use the existing product and get started right away. The API is used by institutions with internal development teams as well as challenger banks. The API is a great solution for organizations that want to design and preserve their user experience and offer account switching on their app. “As neobanks continue to expand into banking, they’re finding that they can get new accounts fairly easily but getting those account holders engaged has proven much more difficult, which creates a fantastic market opportunity for ClickSWITCH,” says Cale.

ClickSWITCH has exciting things coming.ClickSWITCH plans to release its new user experience to the market. This user experience will allow current and future customers that leverage ClickSWITCH user flows to deploy the latest architecture and user flow to make the customer interaction quicker, easier and more intuitive. In addition, the company is also exploring additional switching capabilities that will further enhance the value it provides to its customers. Keep an eye on ClickSWITCH as it continues to innovate, creating solutions that improve customer experience and enable financial institutions to be more profitable.