At Money 20/20, Zafin today announced its new digital origination banking platform and FinTech partner ecosystem, Zafin Origin.
The newest addition to the Zafin suite enables full end-to-end digital new account opening, while offering a dynamic multi-product recommendation experience for banking clients. Zafin Origin addresses the demand for banks to provide a quick and fully digital onboarding experience. The product is designed to improve client acquisition rates by increasing the number of products and services sold at the point of account opening. Zafin Origin scales to suit banks of all sizes with its cloud framework and SaaS pricing model. It aims to help push digital projects forward for banks seeking a turn-key product.
“As the digital demands of consumers grow, banks are investing in technologies that further drives consumption,” said Adam Nanjee, SVP, Digital Banking at Zafin. “Leveraging Zafin Origin, banks can now partner with our ecosystem to easily incorporate various new FinTech partners and use the platform to build digital micro-services within their current environments.”
The platform, orchestrates an entire account opening cycle from needs assessment, product offer and product selection, down to sign up, verification and opening. It is configurable as a white-labeled interface and built to provide a powerful opportunity for banks to discover, present and fulfill unique, client-centric banking products entirely through digital channels. In this way, Zafin Origin allows banks of all sizes to better serve client demands while increasing volume, client footprint, and ultimately revenue. With regulatory compliance and security top of mind, to save banks more time and resources, Zafin Origin is designed to be KYC/AML compliant out-of-the-box. To start, the platform is primarily focused on streamlining the account opening process for the under-served small-medium-sized business banking market, but also covers retail banking market needs.
“Compliance is top of mind, especially during the origination process of a banking relationship,” said David Sudbury, President and CEO at Securefact. “Zafin Origin, with built-in integrations to Securefact and an entire ecosystem of partners ensures the entire process is streamlined and frictionless for banking users, which stands to increase client acquisition. It’s a smart play.”
Complete with an ecosystem of APIs and FinTech industry partners, Zafin Origin stands to significantly reduce implementation investment and expedite time-to-value on traditionally slow, costly deployments. A recent Digital Banking Report© study revealed that over half of banks surveyed cannot fulfill an online account opening without a branch visit. When asked what steps must be handled in branch 74 percent cited signatures or supporting documentation, and 71 percent, ID verification. Zafin Origin welcomes key partnerships with Securefact, Lendified, and DocuSign, among others, to solve this.
“With Lendified’s credit engine built-in to Zafin Origin, we’re able to collectively build a seamless digital experience that banking clients demand, including lending,” said Troy Wright, CEO at Lendified. “It’s clear that consumers are demanding digital exchanges from banks, including their finances. It’s crucial for banks to meet their clients where they are and Zafin Origin with the Lendified integration makes that strategy more simple for banks to execute.”
Zafin manages these API partnerships to provide one platform with a simplified, complete licensing experience to banks. Traditionally, a bank would have to engage in an implementation with each FinTech partner, a process which often takes months and a significant resource investment. Zafin Origin enables institutions to select from available partners and toggle on or off the integration with very few steps. The ecosystem is dynamic and purpose-built to scale with banking needs for access to new digital technologies without the hassle of individual implementations.