Temenos (SIX: TEMN) announced that MidWestOne Bank, a community bank headquartered in Iowa with approximately 140 thousand customers and branches across 4 states, has gone live with Temenos Digital Onboarding as SaaS on Amazon Web Services (AWS).
The SaaS solution was implemented for MidWestOne “by RCG Global Services, a Temenos Delivery Partner in North America.”
This strategic move enables MidWestOne to “enhance customer acquisition and retention through digital channels on a resilient, scalable platform.”
MidWestOne is using Temenos Digital Onboarding “to streamline their customer onboarding process in order to meet customer expectations for fast, frictionless digital experiences, while enhancing operational efficiency.”
Using Temenos Digital for onboarding and origination, MidWestOne has “seen significant improvement in speed, performance and customer engagement via digital channels.”
Customers can now complete an application in “an average of 2 minutes.”
Almost two-thirds of new digital account openings now “take place via a mobile device and the bank reports an impressive conversion rate significantly surpassing the industry average.”
With integrated tools for creating data collection forms, eSignatures, and workflow management, Temenos Digital Onboarding simplifies “the entire process for a quick and easy digital onboarding experience.”
Whether it’s opening an account, applying for a loan, or conducting KYC (Know Your Customer) due diligence, the platform “ensures a smooth and efficient experience for MidWestOne Bank’s customers.”
Delivered as Temenos SaaS, MidWestOne benefits “from rapid time-to-market and easy integration of essential third-party FinTech services, such as ID verification, into the digital onboarding process.”
Temenos SaaS also provides the bank with “the flexibility and scalability needed to meet evolving customer demands and regulatory requirements on a trusted, secure, continuously updated service.”
Banks using Temenos Digital have 52% faster onboarding “than their peers, 68% higher cross sell rate, and 24% higher ratio of customers to full-time-employees (FTEs), according to the Temenos Value Benchmark which is based on insights from over 150 banks and 70,000 data points.”
