Want to Open A Digital Bank Account Fast? It Now Takes Just 90 Seconds

Banking software company Temenos has announced its new solution, Temenos Infinity, offers a real-time end to end account opening and onboarding digital experience in just 90 seconds. They say that the account will be ready to use and fully funded in just a minute and a half.

The relative speed and simplicity of their onboarding process, combined with KYC and AML checks, helps banks and credit unions increase conversion rates and reduce operating costs. The solution was first demoed at Synergy Online, Tenemos’ North America Flagship digital event on 23 September.

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.

Derek Corcoran, chief experience officer at 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.”

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.

“Banks need to respond to increasing pressure to differentiate themselves in the digital age,” said Philip Benton, senior analyst at Omdia. “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.”