Temenos has today launched a 90-second customer onboarding solution to help banks increase conversion rates and reduce operating costs.
To create the product, Temenos has integrated Temenos Infinity with technology company Prove, which enables banks to onboard and authenticate customers opening accounts using data from their mobile phone carrier.
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Through Prove’s platform, financial institutions can identify fraudulent activities. In addition, Temenos Infinity has integrated with Plaid to allow customers to fund their accounts within the bank’s app.
Derek Corcoran, Chief Experience Officer at Temenos, said: “We’ve always focused on creating frictionless and convenient customer experiences that also help protect the banks and credit unions from fraud.
“Our new fully functional and secure account opening experience leveraging Temenos Infinity together with Prove and Plaid has allowed us to do just that. Temenos Infinity can help financial institutions accelerate customer acquisition and deposits to drive lending and revenue opportunities throughout the organisation.”
Temenos plans to demo the solution today during its Synergy Online event.
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By GlobalDataReducing drop out rates
According to Temenos, on average over 70% of customers who start applying for a checking accounts drop out before they finish the process. Temenos aims to reduce this figure by making the process easier for customers.
Philip Benton, Senior Analyst at Omdia, added: “Banks need to respond to pressure to differentiate themselves in the digital age. Customers are demanding frictionless digital experiences similar to those they enjoy from the big techs in their retail lives. Covid-19 has heightened demand for these types of experiences, as customers are limited in their ability to visit branches.
“Financial institutions must offer a service to customers that is smart, personal, proactive and contextual. Meanwhile they must avoid compromising customers’ security for speed. Temenos offers a very innovative solution for real-time onboarding, while keeping the checks and balances in place.”
