Andera named one of ‘10 Tech Companies to Watch’

By Emily Greenhalgh
PBN Web Editor
Twitter: @EGreenhalgh

NEW YORK – Providence-based Andera Inc. has earned a spot on American Banker’s list of 10 Tech Companies to Watch thanks to its account and loan origination software.

According to the magazine’s website, “Andera is forging ahead with its oFlows platform that’s built for iPads to help streamline and create possibilities in the ways banks open accounts and originate loans.”

Andera, which started off as a Web development company out of a Brown University dorm room in 2001, has matured into an account and loan origination software company that aims to help banks serve their customers more efficiently and in more places.

Andera’s success was originally built around the Web browser, and the company currently offers online account opening services to more than 500 financial institutions and credit unions.

The company told the magazine that it knew it needed to expand its offerings as mobile technology, including smartphones and tablets, became increasingly popular.

The company acquired oFlows, a paperless system for account opening and lending, in 2011. According to the article, the acquisition helped Andera focus on leveraging native mobile capabilities, such as built-in cameras to send in supporting documents, as well a touchscreen that allows customers sign forms with the swipe of a finger.

“The real promise of mobile is its native capabilities that fundamentally change the process,” Charlie Kroll, Andera’s CEO and founder, told the magazine.