MidWestOne Bank, headquartered in Iowa and servicing around 140,000 customers across four states, has successfully implemented Temenos Digital Onboarding as Software as a Service (SaaS) on Amazon Web Services (AWS).
The implementation was facilitated by RCG Global Services, a North American Temenos Delivery Partner.
The partnership with Temenos allows MidWestOne to significantly improve customer acquisition and retention through enhanced digital channels. The bank now leverages Temenos Digital Onboarding to offer quick and efficient customer onboarding experiences, meeting the rising expectations for speed and ease in digital banking while also boosting operational efficiency.
Temenos Digital Onboarding’s impact at MidWestOne Bank includes an acceleration in onboarding and origination processes, boosting both performance and customer engagement. The bank reports that new customers can complete applications in just two minutes, with the majority of new digital accounts now being opened via mobile devices.
Temenos SaaS not only offers MidWestOne the benefits of rapid deployment and seamless integration of critical third-party FinTech services like ID verification but also ensures scalability and compliance with evolving demands and regulatory standards. This platform includes advanced tools for data collection, eSignatures, and workflow management, simplifying the digital onboarding process.
Additionally, banks utilising Temenos Digital benefit from a 52% faster onboarding process compared to peers, a 68% higher cross-sell rate, and a 24% higher customer-to-full-time employee ratio. These statistics underscore the efficiency and effectiveness of Temenos solutions in enhancing digital banking operations.
Temenos is a leader in composable banking solutions, supporting clients in 150 countries to develop cutting-edge banking services and customer experiences.
MidWestOne Bank’s Senior Vice President of Digital Innovation, Heather DeStefano, 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.”
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