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Springboard

Springboard solution: SMB DAO

     SpringboardThis topic is related to Springboard.   |     Form Builder |    23.10This feature was updated in 23.10       SMB DAO 1.4This feature was updated in SMB DAO 1.4.

The Small Business (SMB) Springboard solution for US Deposit Account Opening (DAODeposit Account Opening ( DAO). DAO bank forms allow users to open Checking, Savings and Money Market Accounts.) is a ready-to-use solution based on standard Springboard to enable onboardingThe steps required to get a new customer integrated into a new program. These steps may vary business to business. of new small and medium business customers for US Direct Deposit Accounts (DDAsDirect Deposit Account (DDA) is simply a checking or savings account which offers the ability to send and receive funds electronically.), allowing applicants to open checking and savings accounts.

Standard Springboard

Springboard solutions enable US banks to deliver an outstanding digital customer acquisition journey rapidly, using a ready-made solution on an extensible platform that grows with the financial institution.

The following information can help you to learn about standard Springboard.

Use cases

The following use cases are supported by the SMB DAO solution.

  • Apply for new SMB deposit account: Apply for a new business Direct Deposit account using a mobile or desktop device.
  • Apply for new SMB deposit account in-branch: Apply for a new business Direct Deposit account in person in a branch of the financial institution.
  • Auto-approve: Automatically approve applications based on data collected and information from third party vendors.
  • Auto-decline: Automatically decline an application based on data collected and information from third party vendors.
  • Manual review: Automated decision rules may send applications to a manual review workflow where they may be approved or denied.
  • Manual approve: Manually approve applications based on data collected and information from third party vendors.
  • Manual decline: Manually decline an application based on data collected and information from third party vendors.
  • Fund new deposit account: Add funds to a new Direct Deposit account using a mobile or desktop device.
  • Resume application: Resume an application after it has been saved or manually approved.

SMB DAO components

The Springboard SMB DAO solution comprises multiple components, all of which work together to provide the required functionality. To learn about how these components relate to one another and interact in a Springboard solution, see Springboard solution architecture.

In addition to forms and Exchange services, the components used by the SMB DAO Springboard solution are:

Forms

Every Springboard solution is comprised of several forms, each of which represents a different chunk of functionality. The following forms are used by the SMB DAO Springboard solution.

Exchange services and third-party services

The following Exchange services are used by the SMB DAO Springboard solution.

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Choosing to utilize different third parties other than those listed below is a customization.

  • Alloy: Provides fraud detection using device signatures and metadata. Also provides personal fraud risk.
  • Amazon SNS: Performs multi-factor authentication using SMS when resuming applications.
  • Google Places: Provides autocomplete address suggestions to select from as an applicant types an address.
  • Payroc: Process credit card, debit card, and electronic funds transfer to fund a new account.
  • Plaid Auth: Verifies the applicant’s bank account prior to electronic funds transfer.
  • Prove Pre-fill: Prefills applicant data using mobile phone number and last four digits of applicant SSN.

Implementing a SMB DAO solution

While substantial portions of a Springboard SMB DAO solution are pre-built, client-specific work is still required for every implementation. Typically, the bulk of the client work is focused into three main areas:

  • Configuration/Setup: Define style/brand, products, and other configurable options. Deploy and test components, and test integrations.
  • Core Banking Integration: Supports account and customer creation, and other critical onboarding activities.
  • Customization: Specific modifications to the project scope, added to the project statement of work (SOW) or via change requests (CR).

To learn more, see What clients need to know.

Next, learn about the Lending Springboard solution.