MidWestOne Bank has rolled out a new SaaS customer onboarding platform on Amazon Web Services (AWS) through a partnership with Temenos.
As part of the move, the Iowa-headquartered community bank seeks to boost its digital customer engagement and client acquisition by further strengthening its digital channels and operations.
The system offers integrated tools for a range of customer services including creating data collection forms, eSignatures, and workflow management, with the aim of simplifying the process for onboarding, loan applications or conducting due diligence.
The SaaS implementation also integrates a range of third-party FinTech services such as ID verification into the digital onboarding process.
Through the new platform, customers can now complete their applications in an average of two minutes.
According to the bank, implementing these services has resulted in customer digital engagement improvements, providing a superior and faster customer experience.
The SaaS platform was implemented by RCG Global Services, a Temenos delivery partner in North America.
MidWest One currently has approximately 140,000 customers, with almost two-thirds of new digital account openings now taking place via a mobile device, the bank said in a statement.
“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,” said Heather DeStefano, senior vice president of digital innovation, MidWestOne Bank.
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