04 September 2024

MidwestOne Bank streamlines customer onboarding with Temenos

Written By FinTech Alliance in FinTech

MidwestOne Bank streamlines customer onboarding with Temenos

Temenos today announced today 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.

Heather DeStefano, Senior Vice President of Digital Innovation, MidWestOne Bank, commented: "Our implementation of Temenos Digital Onboarding for retail depository products has resulted in a significant increase in both our digital customer satisfaction rates and the percentage of accounts opened digitally. We plan to continue our collaboration with both Temenos and RCG Global Services to further enhance our Temenos Digital account opening experience in support of our commitment to deliver exceptional customer experiences. With Temenos Digital, we are able to maintain complete control of our digital journey which gives us an edge to attract and retain customers and grow our business through digital channels in a highly competitive banking market.”

Rodrigo Silva, President – Americas, Temenos, said: "We are proud to be powering MidWestOne Bank to elevate the digital experience for its customers. With a banking platform tailored to the needs of US banks and proven SaaS delivery, Temenos is geared to deliver tangible business value to our clients, and we continue to invest to make our offerings the most compelling in the market.”

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.

Temenos Digital is widely recognized by analyst firms, including as a Leader in IDC MarketScape for North America Digital Banking Customer Experience Platforms. Temenos is also recognized as a market leader in the report “Omdia Universe: Digital Banking Platforms, 2023”.

Up Next ...
21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

21 November 2024

Machine Learning: Revolutionizing Fraud Detection in Banking

These technologies enable financial institutions to analyze vast amounts of transaction data in real-time, identify suspicious activities, and minimize false positives...

21 November 2024

MeaWallet Partners with Integrated Finance to Enhance Digital Wallet and Secure Card Data Access for Fintechs

The collaboration is set to strengthen digital wallet payments and secure card data access capabilities for fintechs

20 November 2024

Atome Financial Secures $200M Credit Facility to Drive Growth

Atome plans to use the funds to strengthen its technological capabilities and grow its market presence, particularly among underserved, young consumers...

More in FinTech

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

21 November 2024

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

Machine Learning: Revolutionizing Fraud Detection in Banking

21 November 2024

These technologies enable financial institutions to analyze vast amounts of transaction data in real-time, identify suspicious activities, and minimize false positives...

MeaWallet Partners with Integrated Finance to Enhance Digital Wallet and Secure Card Data Access for Fintechs

21 November 2024

The collaboration is set to strengthen digital wallet payments and secure card data access capabilities for fintechs

Atome Financial Secures $200M Credit Facility to Drive Growth

20 November 2024

Atome plans to use the funds to strengthen its technological capabilities and grow its market presence, particularly among underserved, young consumers...

White Papers FinTech

Open Finance in Review: Looking back at 2023

28 November 2023

In this insightful report, OzoneAPI delve into the pivotal developments that have shaped the landsca...

White Papers FinTech

Fintech 2030: The Industry View

02 October 2023

Key findings from the report:Embedded finance is expected to dominate the industry in 10 yearsThere...

White Papers FinTech

Pulse of Fintech H2 2022 report

27 July 2023

UK FinTech investment falls 56% to £14.42bn in 2022After an incredibly strong 2021, with total FinTe...

White Papers FinTech

The Rise and Impact of Fintech in Latin America

29 June 2023

Fintech also provides tools to help manage these risks. Financial authorities and their supervisees...

FinTech Connect 2024 - The Global FinTech Ecosystem . Connected.

FinTech Connect 2024 - The Global FinTech Ecosystem . Connected.

04 December 2024 - 05 December 2024

12:00 AM - 12:00 AM

ExCel London, Western Gateway, Royal Victoria Dock, London, London, E16 1XL

Free
Finnovate Europe

Finnovate Europe

25 February 2025

12:00 AM - 12:00 AM

InterContinental London - The O2, 1 Waterview Drive, London, Greenwich, SE10 0TW

£1,699.00