Independent Banker - July 2021 - 66

Guest Experts:
Lending
A Single User Experience for Origination, the Foundation
for Next-Gen Banking
Challenge: The move toward a next-generation distribution model is underway for financial institutions as consumers increasingly seek
faster and more intuitive ways to handle their finances. Providing a single simplified origination experience is key to attracting and retaining
customers. Solution: Finastra's Fusion Originate allows consumers to connect both their personal and business worlds behind a single
interface, seamlessly supporting the digital account opening and lending application process with one consolidated and compliant platform.
Findings like these point to the need for fast, simple, and intuitive
online origination that mimics the personalized service of today's
technology leaders.
What Is a Single User Experience (UX) for Origination?
Providing a single simplified origination experience is key to
attracting and retaining customers. Thanks to sophisticated
ecommerce platforms and the seamless digital experience
provided by leading technology providers, consumers are no
longer content with ho-hum banking experiences that require
logging in and out of portals to complete multiple tasks or those
that deliver varying experiences across channels, devices and
processes.
The move toward a next-generation distribution model is
underway for financial institutions as consumers increasingly
seek faster and more intuitive ways to handle their finances.
The COVID-19 pandemic has driven a decided preference
for digital interactions. However, the rise of digital has been
underway for some time. Even before the pandemic, large
financial institutions were betting big on technology, spending
12 times that of the top regional banks. These investments were
meant to ward off encroaching competition from neobanks,
such as San Francisco-based Chime.
As consumers gravitate toward online banks, they are seeking
simplified financial management augmented by the speed
and surety of immediate decisioning. Recent surveys confirm
that consumer preferences for digital are on the rise, even for
more complicated transactions. Sixteen percent of consumers
responding to a survey conducted by Bain intend to reduce
their reliance on branches for sales or service interactions post
COVID-19.
A single digital account opening process eliminates these
bottlenecks to the customer experience by providing one portal
to cover all origination needs, from consumer and business
deposits to mortgages and loans. Access is quick and seamless
thanks to consistent and intuitive workflows, with friendly
prompts that guide customers through the application process.
Financial institutions can also deliver 24x7 origination support,
allowing customers to initiate account openings when it is most
convenient for them.
Uniting the Customer Experience
Meeting consumer expectations for seamless origination begins
by harmonizing both deposits and lending for business and
consumers. Finastra's Fusion Originate, for example, allows
consumers to connect both their personal and business worlds
behind a single interface, seamlessly supporting the digital
account opening and lending application process with one
consolidated and compliant platform.
Encouraging customer acquisition and retention, the single UX for
origination also supports multiple account openings or applying
for a loan in a single session. Fusion Originate speeds the deposit
and loan origination cycle, allowing banks to gain greater share of
wallet, and improve relationships with a personalized touch.
Karen Jenkins, Senior Product Manager
AmericasMarketing@finastra.com
1-800-989-9009

Independent Banker - July 2021

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