BROOKFIELD, Wis.—Fiserv said the introduction of a new suite of solutions will help credit unions deliver enhanced digital account opening and loan origination. The solution, Originate, was built to provide the functionality and ease of use that on-the-move consumers are demanding, the company said.
The first solution in the suite, Originate Deposits from Fiserv, features a simple, step-by-step user interface with optional ID scanning, autofill, and facial recognition to allow consumers to easily and securely open an account or initiate a loan application from a mobile device, tablet, computer, or at a branch, according to the company.
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 alleviates multiple layers of friction to create 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. Numerous institutions are already selecting the solution for online account opening,” Fiserv said.
Problem-Solver
“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,” said Paul Simons, CEO of Rantoul, Illinois-based Credit Union 1, in a statement. “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.”
According to Fiserv, importantly, Originate Deposits supports multichannel strategies for financial institutions by maintaining the same experience and interface across channels, allowing users to complete an application wherever they are, in one or in multiple sessions, on a mobile device, tablet, computer – or in a branch.
The Rollout
Originate Deposits 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 even more loan origination capabilities at the end of 2018 including retail, auto and mortgage, Fiserv said.
“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” said Vincent Brennan, president, Credit Union Solutions, Fiserv. “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.”