Fiserv Tackles Online Account Opening & Loan App Challenges
Credit unions have one chance to make a good first impression. This new digital solution could help.
Brookfield, Wis. -based fintech provider Fiserv announced Originate, a new suite of solutions built to provide credit unions and banks with enhanced digital account opening and loan origination functionality.
The first solution in the suite, Originate Deposits from Fiserv, features a step-by-step user interface with optional ID scanning, autofill, and facial recognition to allow consumers to securely open an account or initiate a loan application from a mobile device, tablet, computer, or at a branch.
Fiserv said it conducted extensive consumer research and user experience testing as a part of the product development process to identify pain points and shortcomings in current digital account opening and loan origination experiences. Originate Deposits wants to mitigate the multiple layers of friction by creating an intuitive, step-by-step user experience that is fast, easy to use and uniform across channels, and results in higher user satisfaction and reduced abandonment.
The fintech firm noted numerous institutions already selected the solution for online account opening. The $789.4 million Rantoul, Ill.-based Credit Union 1 is the first credit union to beta-test the product for its members. Members can open accounts in five minutes or less from their mobile devices, utilizing facial recognition, ID scanning and autofill features. Credit Union 1 is streamlining their high volume of account openings while keeping up with consumer expectations.
“When we saw Originate Deposits at the annual Forum client conference, we knew it could address a challenge we wanted to solve for our members,” Paul Simons, CEO at Credit Union 1, said. “While we maintain a high volume of account openings, only a small percentage of our members were completing the process online. It was just too complex. The interface and flow in Originate Deposits are as intuitive as buying from a leading online retailer, and we are confident the solution will positively impact how our members start or expand their relationships with us.”
Originate Deposits, which supports multichannel strategies for financial institutions by maintaining the same experience and interface across channels, is launching now with account opening functionality, including credit cards and personal loans, and is integrated with other Fiserv digital solutions including the Mobiliti mobile banking and payments platform. Additional Originate solutions will add more loan origination capabilities at the end of 2018 including retail, auto and mortgage.
“Financial institutions have one chance to make a good first impression, and opening an account or applying for a loan are central to that initial experience,” Vincent Brennan, president, Credit Union Solutions, Fiserv said. “Originate creates an intelligent banking experience that makes the process simpler and puts the customer first – and that means more accounts can be successfully opened from any device or location. That’s a big win for any institution aiming to grow.”