Temenos (SIX: TEMN), the banking software company, today announced that Temenos Infinity now offers a real-time, end-to end account opening and onboarding digital experience in just seconds. The account is fully funded and ready for customer use
The simplicity and unparalleled speed of the Temenos onboarding process combined with KYC and AML checks helps banks and credit unions increase conversion rates and drastically reduce operating costs. Temenos Infinity is the leading SaaS omnichannel digital banking product covering customer engagement from acquisition, to account servicing, through to long-term retention. The solution will be demoed today during Temenos’ leading digital event – Synergy Online on September 23.
Temenos has integrated Temenos Infinity with technology company Prove, which offers prefill and identity authentication, to give financial institutions a fast and effective way of onboarding and authenticating customers opening accounts online using data gleaned from their mobile phone carrier. With Prove’s platform, financial institutions can identify potentially fraudulent activities – for example from the presence of a burner phone or SIM swap fraud. This gives the authenticating party a ‘trust’ score that helps them separate potentially suspicious activity from legitimate transactions. Temenos Infinity also integrates with Plaid, to enable customers to fund their accounts within the bank’s application flow.
In banking, on average over 70% of prospects who start applying for a checking account drop out before they finish the process. With Temenos Infinity, financial institutions can increase their conversion rates by making it easy for their customers to do business with them.
Derek Corcoran, Chief Experience Officer, Temenos, said: “We’ve always focused on creating frictionless and convenient customer experiences that also help protect the banks and credit unions from fraud. Our new fully functional and secure account opening experience leveraging Temenos Infinity together with Prove and Plaid has allowed us to do just that. Temenos Infinity can help financial institutions accelerate customer acquisition and deposits to drive lending and revenue opportunities throughout the organization.”
Philip Benton, Senior Analyst, Omdia, said: “Banks need to respond to increasing pressure to differentiate themselves in the digital age. Customers are demanding frictionless digital experiences similar to those they enjoy from the big techs in their retail lives. Covid-19 has heightened demand for these types of experiences, as customers are limited in their ability to visit branches. Financial institutions must offer a service to customers that is smart, personal, proactive and contextual, while avoiding compromising customers’ security for speed. Temenos, together with its partners, offers a very innovative solution for real-time onboarding, while at the same time keeping the checks and balances in place.”
Temenos Infinity is customer experience-focused, enabling financial institutions to provide a user experience that drives customer loyalty and growth. Top analyst firms Gartner, Omdia, and Forrester recognize Temenos Infinity as a leading digital engagement platform. The digital banking platform is used by over 650 financial institutions globally. Banks using Temenos Infinity have successfully increased prospect to customer conversion rates to over 65%, far greater than industry average of 30%. Temenos Infinity is available as SaaS or can be deployed natively in the cloud in partnership with any of the main public cloud providers as well as on premise in weeks rather than months.