Start Your Engines: Ultra-Fast Account Opening and Linking with Max

Account opening and linking is racecar-fast.

Get your stopwatch: the race to intelligent cash management just accelerated.

Max and UFB Direct, an online-banking brand of BofI Federal Bank, have just launched the industry’s fastest account-opening and linking process. It now takes just minutes to open a new Max-linked UFB Direct online savings account.

How is this possible? In partnership with BofI, Max developed new technology that allows the process to go much faster than the usual procedures for opening an account at an online bank.

What this means for Max members: it’s now possible to visit the Max website, apply for a new UFB Direct account, link it to Max, and start optimizing your cash all within minutes.

Financial advisors who use Max can also help their clients open UFB Direct accounts right on the Max site. The new, streamlined linking process means it’s faster than ever to start earning more on cash, FDIC-insured.

We’ve heard from financial advisors that they would like to add clients to the Max platform as quickly and with as little friction as possible. That’s why we made it possible to pre-onboard clients with one click from advisors’ CRM systems. Now, with rapid account opening and linking, clients can get a savings account set up quickly and can start their first optimization right away.

Why does speed matter? Because every moment counts — not just because time is valuable, but also because the power of cash optimization can start working sooner.

Learn more about Max’s intelligent cash management services for individuals, financial advisors, and businesses, nonprofits, and institutions, or contact us with questions: member.services@maxmyinterest.com.

 

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Why Partnerships Are The Right Path for Banks and FinTech

Max members can now use our streamlined account-opening process to open a UFB Direct account in less than two minutes without trial deposits.

This will be the year that banks and fintech companies work together to solve customers’ problems in new ways, industry-watchers predict.

“In 2017, there will be a widening of the gulf between banks that are building meaningful partnerships with FinTech firms and those that think that they are because they have a couple of tech vendors and a procurement department,” JP Nicols, managing director of Fintech Forge and chairman of Next Money U.S, told bank innovation consultant Jim Marous. Financial-industry conferences, including the recent LendIt conference in New York City, have echoed with the same sentiment over the past few months: the banks that successfully tie up with fintech companies will pull ahead of those who don’t.

At Max, we’re proud to be part of this trend. Today, we announced a partnership with BofI Federal Bank, one of the pioneers of online banking, to add their UFB Direct brand to the Max platform.

Through a direct API integration and our patent-pending approach to account opening and linking, we’ve made it possible for clients to open new online savings accounts in less than two minutes, without the need for clients to leave the Max website or complete a cumbersome trial-deposit verification process. UFB Direct is also offering a preferred rate to Max members, who tend to hold balances that are many times larger than typical online bank customers.

Why would a bank partner with Max? Because this integration allows BofI to streamline customer acquisition without the need to spend money on advertising or referral fees, which in turn means they can operate more efficiently than their peers while delivering even higher yields to depositors. UFB Direct will get new customers — Max members — who are savvy about maintaining full FDIC insurance coverage and earning more interest on their cash, and who understand the benefits of online banking.

With the UFB partnership, all Max members will have the ability to link an additional online bank to their Max accounts, increasing the amount of FDIC coverage they can receive.

We believe this partnership represents a true win-win-win opportunity for BofI, for Max, and for our members — and is illustrative of the type of bank-FinTech partnership of which we expect to see more in 2017.

Learn more about Max and how it helps individuals earn more on their cash, FDIC-insured at MaxMyInterest.com.

Or find out how Max helps financial advisors and their clients to optimize cash by visiting MaxForAdvisors.com.

Banks seeking more information about the potential to partner with Max can contact us at info@maxmyinterest.com.

 

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For Advisors, New Technology Brings More Cash Into View

Max brings more cash into view.

Max brings more cash into view.

After eight years of near-zero yields, clients are eager to earn higher returns. Financial advisors want to deliver greater returns without taking on more risk. Advisors are using a novel technology, called Max, to achieve both of these goals, helping clients earn more while growing assets under management.

Which asset class can generate an incremental 0.90% of return, without taking on risk or sacrificing liquidity? The answer lies in a forgotten corner of client portfolios: cash. Most investors are earning little to no interest on their cash held in their bank or brokerage accounts. Since yields have been so low for so long, most financial advisors don’t spend much time thinking about cash.  Instead they focus on higher-return asset classes like stocks, fixed income, or alternative investments.

But how much clients earn on cash can make a significant difference to the overall performance of their portfolios. Here’s the math: the average high-net-worth investor holds 23.7% of his or her net worth in cash, according to the 2015 CapGemini/RBC Wealth Report. Earning an extra 0.90% on that cash means the portfolio as a whole will earn 0.21% more. Because it’s cash in the bank — FDIC-insured — this incremental return is risk-free.

Max is an intelligent cash management service that automatically allocates clients’ cash between their existing checking or brokerage account and a portfolio of higher-yielding FDIC-insured savings accounts at the nation’s leading online banks. Most Max clients are earning more than 1.00%. By contrast, many bank or brokerage accounts pay only 0.01% or 0.02%.

How does Max help clients earn more on cash? By capitalizing on the efficiency of online banks. These institutions don’t have branches, and their lower cost structure allows them to pass along more yield to clients who deposit cash with them.

For financial advisors, offering Max to clients has the effect of bringing held-away cash into view. Over time, clients migrate cash towards Max, where they can grant their financial advisor read-only access to their balances through the Max Advisor Dashboard (a free service for financial advisors.) With the ability to see the cash that clients are holding, advisors can spark a new conversation about portfolio allocation, and often nudge some of this cash into higher-beta asset classes.

Max is not a bank, nor does it provide financial advice.  Max is a technology-driven tool that automatically optimizes a client’s cash balances among accounts at online banks held in the client’s own name. Clients retain direct access to their funds, maintain their relationship with their primary checking-account bank, and can continue to use all bank services like notaries and tellers.

Learn more about the Max Advisor Dashboard and how to invite clients to Max by visiting MaxForAdvisors.com. Or contact advisors@maxmyinterest.com with questions.

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