Temenos boosts account opening & onboarding digital experience services

By Megha Bhattacharya

Temenos today announced that Temenos Infinity will now offer real-time, end-to-end account opening and onboarding digital experience in seconds. The new development is expected to help banks and credit unions increase conversion rates and reduce operating costs. Temenos Infinity is a 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.

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.”

The company has integrated Temenos Infinity with tech company Prove in a bid to allow financial institutions to identify potentially fraudulent activities. 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.

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.”