MidWestOne Bank Implements Temenos Digital Onboarding to Enhance Customer Acquisition and Retention | The Fintech Times

MidWestOne Bank, an Iowa-based community bank, has implemented Temenos Digital Onboarding as SaaS on Amazon Web Services (AWS), to enhance customer acquisition and retention.

MidWestOne Bank, which boasts around 140 thousand customers and branches across four states, is using Temenos Digital Onboarding to streamline its customer onboarding process. It hopes this will help it better meet customer expectations for fast, frictionless digital experiences while enhancing operational efficiency.

Using Temenos Digital for onboarding and origination, MidWestOne explained that it has seen significant improvement in speed, performance, and customer engagement via digital channels. Its customers can now complete an application in an average of two minutes.

Almost two-thirds of new digital account openings now take place via a mobile device and the bank reports an impressive conversion rate significantly surpassing the industry average.

Heather DeStefano, senior vice president of digital innovation at MidWestOne Bank, commented: “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.

“We plan to continue our collaboration with both Temenos and RCG Global Services to further enhance our Temenos Digital account opening experience in support of our commitment to deliver exceptional customer experiences.

“With Temenos Digital, we are able to maintain complete control of our digital journey which gives us an edge to attract and retain customers and grow our business through digital channels in a highly competitive banking market.”

Simplifying bank onboarding

With integrated tools for creating data collection forms, eSignatures, and workflow management, Temenos Digital Onboarding simplifies processes when opening an account, applying for a loan, or conducting KYC due diligence, providing an efficient experience for MidWestOne Bank’s customers.

Rodrigo Silva, president – Americas at Temenos, also added: “We are proud to be powering MidWestOne Bank to elevate the digital experience for its customers. With a banking platform tailored to the needs of US banks and proven SaaS delivery, Temenos is geared to deliver tangible business value to our clients, and we continue to invest to make our offerings the most compelling in the market.”

Temenos SaaS also provides the bank with the flexibility and scalability needed to meet evolving customer demands and regulatory requirements on a trusted, secure, continuously updated service.