Enhancing Account Opening with Finastra and Prelim Collaboration
Finastra Integrates with Prelim for Streamlined Account Opening
The new partnership makes account opening faster and more efficient, unlocking cost savings and enhancing customer experiences for financial institutions.
Benefits of the Finastra and Prelim Partnership
Finastra, a global provider of financial services software applications, has announced an integration with Prelim, a leading fintech firm. This collaboration aims to improve the retail and commercial deposit account opening process significantly.
Digitizing the Customer Experience
Prelim's technology offers automation for various internal operations, such as application processing, underwriting, and servicing. By digitizing the customer journey from onboarding to servicing, Prelim helps financial institutions streamline account opening, thereby reducing back-office complexities.
Customer Expectations in Financial Services
In today's competitive market, consumers expect an easy-to-use, real-time onboarding process. According to Heang Chan, CEO and co-founder of Prelim, this partnership with Finastra is vital to delivering efficient retail and commercial deposit account openings.
Seamless Integration with Finastra's Ecosystem
Through the Finastra Open Finance ecosystem, the integration enables a smooth flow of information between the systems. New accounts can be created seamlessly, ensuring that both new and existing account holders experience a cohesive digital banking solution.
Keeping Pace with Digital Expectations
Peter Longo, vice president of product management for US Mid-Market Banking Solutions at Finastra, emphasizes the importance of agile financial solutions. In a world where the speed of services is crucial, Prelim is seen as a trusted partner to evolve the Open Finance ecosystem even further.
About Finastra
Finastra is committed to unlocking the potential of people, businesses, and communities globally. The company provides software applications across various sectors including lending, payments, treasury, and digital banking. Trusted by approximately 8,100 financial institutions, including numerous top banks, Finastra aims to promote the future of open finance through innovation and collaboration.
About Prelim
Prelim is known for its advanced digital account onboarding solutions and empowers numerous banks and credit unions to enhance their customer journeys. With a platform built by banking experts, Prelim focuses on automating processes like identity verification, ensuring a smooth account opening experience for institutions.
Frequently Asked Questions
What is the goal of the Finastra and Prelim integration?
The integration aims to enhance the account opening process for retail and commercial deposits, making it faster and more efficient.
How does Prelim improve customer experience?
Prelim digitizes and automates the customer journey, reducing back-office complexities and streamlining account opening.
What unique capabilities does Prelim offer?
Prelim provides automation for various banking operations and ensures seamless onboarding for financial institutions.
Why is digital onboarding important?
Digital onboarding meets the modern consumer's expectation for speed and efficiency when accessing banking services.
How does this partnership benefit financial institutions?
The partnership allows institutions to enhance their service offerings, ensuring that new accounts are created and managed efficiently.
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