MidWestOne Bank taps Temenos for digital onboarding solution
MidWestOne Bank, a community bank headquartered in Iowa City, US, has adopted the digital onboarding solution of Swiss core banking vendor Temenos as it looks to “enhance customer acquisition and retention through digital channels”.
MidWestOne Bank partners Temenos for digital onboarding
The Temenos Digital Onboarding solution has been deployed by the bank as Software-as-a-Service (SaaS) on Amazon Web Services (AWS), a partner of Temenos since 2019. The implementation was managed by Temenos’ North America delivery partner RCG Global Services.
Fitted with data collection, e-signature and workflow management tools, Temenos claims its Digital Onboarding offering enables customers to complete the account opening process in an average of two minutes. The vendor says previous takers have enjoyed “52% faster onboarding than their peers, 68% higher cross sell rate, and 24% higher ratio of customers to full-time-employees”.
Serving 140,000 customers throughout Iowa, Minnesota, Wisconsin, Florida and Colorado, MidWestOne offers a broad service remit, including loans, mortgages, accounts and wealth management.
“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,” says Heather DeStefano, SVP of digital innovation at MidWestOne Bank.
DeStefano adds the bank will continue its collaboration with the vendor to “further enhance” the account opening experience.
