MidWestOne Bank has announced its plan to streamline customer onboarding by going live with Temenos Digital Onboarding as SaaS on Amazon Web Services . Following this announcement, the partnership is set to enable MidWestOne Bank to optimise customer acquisition and retention through digital channels on a resilient, scalable platform.

The company will leverage Temenos Digital Onboarding in order to streamline its customer onboarding process to meet client expectations for fast, secure, and frictionless digital experiences, while also improving operational efficiency. In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. MidWestOne Bank has gone live with Temenos Digital Onboarding as SaaS on Amazon Web Services (AWS).

More information on the partnership By using Temenos Digital for onboarding and origination, MideWestOne Bank has also seen significant improvement in speed, performance, as well as customer engagement via digital channels, while clients and customers are expected to be able to complete an application in an average of 2 minutes. Furthermore, almost two-thirds of new digital account openings now take place through a mobile device, while the bank reports an improved conversion rate that significantly surpasses the industry average. With incorporated tools and services for creating data collection forms, eSignatures, and workflow management, Temenos Digital Onboarding is set to simplify the entire procedure for a quick and easy digital onboarding experience.

Whether it’s the process of opening an account, applying for a loan, as well as conducting KYC (Know Your Customer) due diligence, the platform will ensure a smooth, secure, and efficient experience for MidWestOne Bank customers. Delivered as Temenos SaaS, MidWestOne Bank will benefit from rapid time-to-market, safe, and easy integration of essential third-party fintech services, such as ID verification, into the overall digital onboarding procedure. The Temenos Software-as-a-Service product will also provide the bank with the flexibility and scalability that are needed to meet evolving customer demands and regulatory requirements on a safe and continuously updated solution.

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