MidWestOne Bank Partners with Temenos for Enhanced Digital Onboarding

MidWestOne Bank has adopted the digital onboarding solution from Swiss core banking provider Temenos, aiming to improve customer acquisition and retention through digital channels. The bank's implementation of the Temenos Digital Onboarding solution, delivered as a Software-as-a-Service (SaaS) on Amazon Web Services (AWS), marks a significant step towards enhancing its digital banking services.

Temenos' Digital Onboarding solution, equipped with data collection, e-signature, and workflow management tools, enables account openings to be completed in approximately two minutes. According to Temenos, clients using this solution have experienced "52% faster onboarding than their peers, 68% higher cross-sell rate, and 24% higher ratio of customers to full-time-employees."

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." DeStefano also noted that the bank plans to continue collaborating with Temenos to further enhance the account opening experience.