MidWestOne Bank streamlines customer onboarding with Temenos
US community bank adopts Temenos Digital Onboarding as SaaS on AWS for fast, frictionless digital experiences, and enhanced operational efficiency
NEW YORK and GRAND-LANCY, Switzerland, Sept. 04, 2024 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today 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.
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”.
About Temenos
Temenos (SIX: TEMN) is the world’s leading platform for composable banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. Their IT spend on growth and innovation is also 2X the industry average.
For more information, please visit www.temenos.com.
CONTACT: Media Contacts Scott Rowe Temenos Global Public Relations Tel: +44 20 7423 3857 Email: press@temenos.com Lauren Rae Temenos Team at Edelman Smithfield Tel: +44 7976 353347 Temenos@EdelmanSmithfield.com
