Why a small Florida lender built its account-opening software in-house
American Banker, Nov 23rd 2021
Click through to read this article in American Banker (subscription required) that features commentary from Technisys.
A rapid digital onboarding process can help a relatively small bank like Professional stay abreast of megabanks and challenger banks, both of which put premiums on speed and convenience, said Michael Haney, head of digital core at the digital banking software provider Technisys.
“How quickly can I get this account open and active … but still do it in a regulatory compliant way — that’s the name of the game right now,” Haney said. “This is how all the fintech banks launched [and] all the big banks have caught up, now. There are still a lot of small banks that are still on this journey, digitizing their account opening solutions.”
That attitude resonated with Haney, who said banks’ desire to make improvements should be relentless when it comes to account opening. “This is not a one-and-done thing. You don’t need to launch your dream stage or your vision stage in your first release,” Haney said. “Every bank still has an opportunity to shrink the number of steps, push more to the mobile phone and the self-service format and really just digitize the heck out of these processes.”