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MidWestOne Bank goes live with Temenos’ customer onboarding solution

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US-based community bank MidWestOne Bank has gone live with Temenos Digital Onboarding as Software-as-a-Service (SaaS) on Amazon Web Services (AWS).

The SaaS solution was implemented for MidWestOne by RCG Global Services, a Temenos delivery partner in North America. This strategic move enables MidWestOne to enhance customer acquisition and retention through digital channels on a scalable platform.

MidWestOne said it is using Temenos Digital Onboarding to streamline their customer onboarding process in order to meet customer expectations for fast, frictionless digital experiences, while enhancing operational efficiency. 

Using Temenos Digital for onboarding and origination, MidWestOne also added that it has seen “significant improvement” in speed, performance and customer engagement via digital channels, claiming 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 reported an “impressive” conversion rate significantly surpassing the industry average.

“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,” said Heather DeStefano, senior vice president of digital innovation, MidWestOne Bank.

“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.”

With integrated tools for creating data collection forms, e-signatures, and workflow management, Temenos Digital Onboarding simplifies the entire process for a quick and easy digital onboarding experience. The platform supports processes for opening an account, applying for a loan, or conducting Know Your Customer (KYC) due diligence for banking customers.

Headquartered in Iowa, MidWestOne Bank serves approximately 140,000 customers and has branches across four US states. 

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