Finastra Teams Up with Prelim for Streamlined Account Opening
This new partnership aims to accelerate the account opening process while driving cost savings and improving the customer experience for financial institutions.
Advantages of the Finastra and Prelim Collaboration
Finastra, known globally for its financial services software, has teamed up with Prelim, an innovative fintech leader. This collaboration is focused on significantly enhancing the process of opening retail and commercial deposit accounts.
Transforming the Customer Experience
Prelim's advanced technology automates internal operations, including application processing, underwriting, and servicing. By digitizing every step of the customer journey—from onboarding to servicing—Prelim allows financial institutions to streamline account openings and minimize back-office complications.
Understanding Customer Expectations in Financial Services
In the modern market, consumers demand a straightforward, real-time onboarding experience. Heang Chan, CEO and co-founder of Prelim, explains that this partnership with Finastra is crucial for achieving efficient openings for retail and commercial deposit accounts.
Smooth Integration with Finastra’s Ecosystem
This integration fosters a seamless exchange of information within the Finastra Open Finance ecosystem. New accounts can be set up effortlessly, enabling a unified digital banking experience for both new and existing customers.
Adapting to Digital Demands
Peter Longo, Vice President of Product Management for US Mid-Market Banking Solutions at Finastra, highlights the need for agile financial solutions. As the pace of service becomes increasingly vital, Prelim is recognized as a dependable partner in advancing the capabilities of the Open Finance ecosystem.
About Finastra
Finastra is dedicated to unlocking the full potential of people, businesses, and communities around the globe. They offer software solutions across numerous sectors, including lending, payments, treasury, and digital banking. With the trust of around 8,100 financial institutions, including many of the largest banks, Finastra is committed to shaping the future of open finance through innovation and teamwork.
About Prelim
Prelim stands out for its cutting-edge digital account onboarding solutions, helping various banks and credit unions enhance their customer experiences. Constructed by banking experts, Prelim’s platform focuses on automating processes like identity verification to ensure a seamless account opening experience for financial institutions.
Frequently Asked Questions
What is the goal of the Finastra and Prelim integration?
The integration seeks to improve the account opening process for both retail and commercial deposits, making it faster and more efficient.
How does Prelim enhance customer experience?
Prelim digitizes and automates the customer journey, which reduces back-office complexities and simplifies account opening.
What unique features does Prelim offer?
Prelim provides automation across various banking operations and ensures a smooth onboarding process for financial institutions.
Why is digital onboarding significant?
Digital onboarding satisfies modern consumers’ expectations for speed and efficiency in accessing banking services.
How does this partnership benefit financial institutions?
The collaboration enables institutions to improve their service offerings, ensuring new accounts are created and managed efficiently.
