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ComplianceJune 02, 2021

Wolters Kluwer and MK Decision collaborate to provide digital account opening capability for community banks, credit unions

Integrated technologies help streamline contactless, compliant account opening documents

Wolters Kluwer Compliance Solutions and San Diego-based MK Decision are collaborating to offer U.S. deposit institutions a digital account opening capability using MK Decision digital account opening platform in concert with Wolters Kluwer’s dynamic, compliant Expere® Deposit electronic disclosure documents.

The integration provides dynamic document generation and delivery capabilities for compliant account agreements, allowing MK Decision to deliver to financial institutions a platform for centralized, compliance content management that uses Wolters Kluwer’s industry-best regulatory compliance content offerings. The content feed of state-specific and product-specific requirements along with the latest terms and conditions enables financial institutions to offer their customers a modern, seamless and online account opening experience.

“Partnering with Wolters Kluwer, a leading provider of compliant content for financial institutions, is a key differentiator for MK Decision. Ensuring state-specific regulations are captured in every transaction is paramount to protecting the reputation and integrity of the financial institutions that MK Decision serves. We could not be more proud to have a global leader in regulatory compliance as our partner as we democratize digital account opening across the United States,” said Har Rai Khalsa, Chief Executive Officer at MK Decision.

Expere’s ability to generate accurate, compliant documentation throughout the entire account opening process delivers increased transactional efficiencies, cost savings, and a user-friendly platform to financial institutions, while offering their customers a better experience.

“Collaborating with MK Decision is an exciting development for us in the digital account opening space, as it addresses an ongoing challenge for financial institutions in keeping disclosure documents compliant with the rapid pace of regulatory changes. This is particularly challenging for community banks and credit unions with constrained resources,” said Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “The combined capabilities of Wolters Kluwer and MK Decision particularly helps level the playing field for community banks and empowers financial institutions of all sizes through the provision of dynamic, compliant account opening documents available to customers in real time.”

MK Decision's mission is to help community financial institutions thrive by receiving more deposits and more loans. With a commitment to strengthen local economies, MK’s platform gives community banks and credit unions a competitive advantage through simple, beautiful customer experiences and streamlined banker workflows. The MK platform supports a variety of financial products including checking & savings accounts, credit cards, and consumer, commercial, small business, and indirect loans. So far, MK has helped over 250 community financial institutions acquire customers online. MK was founded in 2015 and is headquartered in San Diego, California.

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.
About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in professional information, software solutions, and services for the healthcare, tax and accounting, financial and corporate compliance, legal and regulatory , and corporate performance and ESG sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

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