Digital onboarding process streamlined for banks and credit unions by Candescent

Candescent Terafina Introduces Enhanced Onboarding Capabilities for Financial Institutions

In a move aimed at streamlining the account opening process, Candescent, a leading provider of cloud-based digital solutions for financial institutions, has launched enhanced onboarding capabilities within its platform, Terafina.

Gareth Gaston, Chief Product Officer at Candescent, explained that these new capabilities are key to growing revenue, maximizing applications, and building positive relationships from the very start. He stated, "The latest upgrade introduces intelligent templates and adaptive post-open workflows, ensuring a faster, smarter, and more intuitive onboarding experience."

The new flow minimizes initial data entry and seamlessly moves optional actions to after the account has been activated. This approach addresses a common issue in the industry, as research indicates that more than a third of consumers abandon the account opening process if it is too lengthy or asks for excessive information.

The launch comes at a time when customer expectations for speed and simplicity are reshaping digital engagement. Terafina's configurable workflows offer a solution that meets these expectations without compromising trust or security. The platform's enhancements do not compromise on trust or security, and it has introduced modern compliance automation and intelligent security through name matching.

Terafina now supports joint applicants in the account opening process, and it offers tailored back-office roles as part of its new features. These enhancements create an agile yet secure foundation for future growth, enabling banks and credit unions to design, control, and optimize the account opening journey.

Gareth Gaston emphasized the importance of these new capabilities, stating, "The new onboarding process strengthens conversion rates, enhances customer satisfaction, and preserves both compliance and back-office efficiency." He continued, "This modernized flow is a strategic enabler of digital transformation, showcasing Terafina's evolution into a platform that empowers financial institutions to adapt to changing customer needs and expectations."

The new release allows banks and credit unions to provide a seamless and efficient account opening experience, ultimately helping them to grow their customer base and build long-lasting relationships. With its focus on speed, simplicity, and security, Terafina is set to redefine the digital onboarding process for financial institutions.

Digital onboarding process streamlined for banks and credit unions by Candescent