Surge in Financial Services demand for customer centricity, artificial intelligence, and automation fuels double digit growth for Agreement Express

VANCOUVER, Sept. 14, 2017 /CNW/ - Agreement Express, the leading provider of onboarding, workflow automation, and risk assessment solutions for financial services, today announced its Q2 financial results. The company is building on its streak of 10 consecutive quarters of revenue growth and almost 500 percent increase in new customer acquisition year over year for the first half of 2017. Agreement Express attributes its growth to the market momentum for digital transformation and demand for its end-to-end customer onboarding, predictive analytics, automated operational workflows, and business intelligence across all financial institution lines of business. 

Redesigning the digital experience, enhancing data analytics and finding ways to reduce operating costs continue to be top priorities for financial institutions¹. Leveraging automation to transform the customer experience, harnessing artificial intelligence to minimize risk, and streamlining workflows through automation of processes have become critical for firms looking to remain competitive in a disruptive, digital-first landscape. With consumers increasingly demanding transparent, omni-channel financial and banking services, and competitive pressures from disruptive Fintechs on traditional financial services providers to morph business models, digital transformation has become do or die. 

Whilst the market is cluttered with point solutions that address varying stages of the customer lifecycle or workflows, Agreement Express is the only vendor to deliver end-to-end automated customer onboarding.  Its unique value extends beyond customer-centricity to deliver artificial intelligence for predictive risk decisioning and significant operational efficiencies and visibility into workflows not just within a financial services organization, but throughout its ecosystem. 

The result of this market demand has driven significant growth for Agreement Express, including:  

• Record revenue and bookings with a 32 percent increase in revenue over the same time period in 2016 and highest bookings in the company's sixteen-year history
• Double-digit recurring revenue growth of 30 percent year over year for the second quarter of 2017
• Net new customer acquisition increase of 475 percent in the first two-quarters of fiscal 2017, already surpassing the number of new customers acquired in the entirety of fiscal 2016
• Accelerated Wealth Management vertical penetration with 600 percent increase in new customer acquisition for the first half of 2017 in comparison to the first half of 2016
• Two consecutive years of profitability with no institutional equity funding
• 69 percent increase in headcount with significant investments made in engineering, sales, marketing, and customer service resources
• Continued global expansion with two new offices in Boston, USA, and London, UK and expanded offices in Vancouver and Toronto, Canada to accommodate growing workforce and extend reach to meet global demand for its solutions

"Digitally-driven customer preferences and a competitive landscape of agile and innovative Fintechs are driving an evolution in financial services," adds Mike Gardner, CEO of Agreement Express. "Customer-centricity, predictive intelligence in real-time, process automation, and new revenue streams through digital ecosystems are crucial across all financial services markets. The time for digital transformation is now, but building in-house is time consuming and expensive. When we can reduce processing times from 21 days to 2 hours and deliver risk assessments in minutes - it's a no-brainer as to why firms are turning to SaaS vendors like Agreement Express."

Resources:
BUILD OR BUY? Client Onboarding Platforms for Wealth Management Firms Key technology considerations for improving the client onboarding process in Wealth Management

Case Study ? Global Payments Onboarding Automation

About Agreement Express
Agreement Express is the leading client onboarding platform for financial services. The Agreement Express platform allows financial institutions to design and execute consistent automated onboarding experiences across their product offerings and channels, while providing deep analytics that enable proactive and personalized client advice. The platform is the first of its kind to help top performing firms gather, use, and reuse client data to improve and evolve rich customer experiences. Agreement Express enables Fortune 500 financial institutions around the world to provide best-in-class digital onboarding to their clients and grow their business.

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¹ The Financial Brand's Digital Banking Report 2017

SOURCE Agreement Express