Use case: Modernized digital banking
Goal
A specialized commercial bank providing both business and personal banking services was looking to modernize all systems and operations to get and retain more customers as well as better position the company in the under-served business market.
Challenges
- Using an external provider for digital banking services caused limitations in onboarding other fintech providers
- Digital banking was not easily customizable, impacting the ability to meet changing customer needs (COVID-19 branch closures)
- Inability to onboard new customers online with existing system, reducing new customer acquisitions
Solutions
- Replaced external provider with Temenos banking platform to enable ownership and control over digital banking products and services
- Integrated the bank with fintech providers including ThirdStream and Equifax to automate new customer credit checks and fraud prevention checks during onboarding
- Automated online customer onboarding and account opening with APIs
Results
- Provided capabilities to grow the business, launch new offerings faster, and better integrate with other providers
- Enabled the introduction of a full-suite of modern digital banking services
- Enabled fast, online customer onboarding
- Transformed, accelerated, and dramatically improved the customer journey
