JANUARY 30, 2017
lvb.com
Software firm banks on creating instant mobile accounts By JENNIFER TROXELL WOODWARD
Susan Jordan (left), senior project manager at Bolts Technologies, goes over paperwork with Billie Wood, the software firm’s business application delivery director.
Special for Lehigh Valley Business
It takes less than 10 minutes for customers going into Somerset Trust Co. to open a deposit account, thanks to a product recently launched by Bethlehem-based Bolts Technologies Inc. “They come into the bank and a customer representative uses an iPad to open the account for them in about seven minutes,” said John Gill, chief operating officer for Somerset Trust in Somerset in southwestern Pennsylvania. “This is the first phase of this product. We hope to unveil the second phase of the project in spring, and at that point customers will be able to open their accounts from home.” In an attempt to meet the demands of its mobile-friendly consumers, Somerset Trust recently bought Bolts’ software products to streamline its electronic bank services and give customers access to all of their banking needs while on the go. The bank began using the mobile banking service in January. Bolts Technologies, a mobile software company in Bethlehem, was created in 2014 by partners Scott Field and Ghan Desai. The private company spent the past year
Scott Field, CEO Bolts Technologies
developing an account opening product to help bankers reach customers who do not bank at branches.
VENDOR RELATIONSHIPS Like many other startup firms, Bolts took time narrowing its focus, and now the company has realized its vision, according to CEO Field. “Many startups have a tough time getting off the ground,” he said. “We were very fortunate since we began with deep background in financial technology and started with a terrific local investor who believed in us and our vision.”
CONTRIBUTED PHOTO
He and Field launched Bolts in June 2014 and a year and half later created a full mobile and online account opening platform for community-based institutions across the country. Bolts has been recognized as one of the Greater Lehigh Valley's fastest-growing companies. “We helped Customers Bank launch the first-of-its-kind instant account opening platform in January 2015 across 48 states,” said Desai, whose company has 10 employees. “In 2016, we went back to the drawing board and redesigned and developed the complete platform from scratch to
BOLTS TECHNOLOGIES INC. What: Mobile software company. Location: Mountain Drive North, Bethlehem. No. of employees: 10. Website: www.boltstech.com.
Field said that Bolts initially concentrated and developed software called, boltsACH™, that would give banks the capability to automate the entire process of managing ACH operations & related transactions. Due to increased demand for its onboarding product, Bolts is now focusing on its account opening
‘We went back to the drawing board and redesigned and developed the complete platform from scratch to help banks and credit unions leverage a single platform to mobilize the branch, the banker and their customers.’ Ghan Desai, President Bolts Technologies
help banks and credit unions leverage a single platform to mobilize the branch, the banker and their customers.”
software platform to market to community banks and credit unions.
Field added that Bolts quickly gained national recognition and was recently selected as a finalist to the Best of FinXTech Awards.
ACCOUNT-OPENING SOFTWARE Field said Customers Bank, was one of Bolts early account opening software customers who launched the product in 48 states.
Desai said Bolts’ new platform called, boltsOPEN™, has been designed to reach deposit and loan customers and help banking institutions “leverage mobile and online channels” to draw more customers.
REDESIGN FROM SCRATCH Desai, a former executive at Team Capital Bank, is president and chief operating officer of Bolts.
In early 2015, Customers Bank introduced BankMobile, using software created by Bolts to provide financial technology to its customers.
According to Field, the mobile application can open a customer account in minutes and, afford the banker more time on customer and less time on process.
Reprinted with permission from Lehigh Valley Business. Copyright © 2017. All rights reserved.
ALL ELECTRONIC At Somerset, John Gill said his bank is one of the first to launch Bolts’ instant mobile accounting system to get rid of the painful process of a 40-minute session of opening a traditional bank account. With the new mobile product, the paper trail is all electronic, and the process of account opening is now very short, less time-consuming for the bank employee and the customer and worth every penny, Gill said. “We have a great working relationship, and we found Bolts to be highly knowledgeable,” Gill said, adding that he expects the next phase of mobile deposit banking will be done by the business or consumer at home. For example, the bank intends to send out customer representatives to colleges to help students open deposit accounts from mobile devices. TARGETING SMALL BANKS Desai credited Bolts employees for their contribution to making innovative products that stack up well against competitors in price, features and end-to-end automation. Field said Bolts is dedicated to designing software to help small banks compete with large ones in the mobile banking arena. “We are selling a product to banks that will give them the ability to connect with potential customers outside the bank and colleges, coffee shops and even mall kiosks."