Temenos (SIX: TEMN), the banking software company, today revealed customer results illustrating how Temenos Infinity clients have achieved outstanding success in North American consumer loan origination. Temenos Infinity enables customers to deliver loan decisions over 90% faster, add new products within days, and increase credit accounts to record levels. The results provide continued proof of Temenos’ leading position for consumer loan onboarding and origination for North American banks and credit unions.
Using Temenos Infinity, the successful institutions have raised their level of service and competitiveness by delivering lightning fast, auto-decisioned consumer loan application experiences. Temenos Infinity consumer loan origination solves the problems of how to give customers and members an outstanding experience and an instant decision, and for institutions to rapidly bring new products to market.
Temenos Infinity has achieved outstanding results for banks and credit unions in the US market, including:
- A world’s top 20, $277 billion US bank achieved an outstanding 75% auto-decisioning rate for credit card application and instant origination.
- A $12 billion institution increased auto-decisioning from 20% to 70% for consumer loans.
- A $5 billion credit union was able to shrink the application, auto-decision, and disbursement process to give new applicants access to cash in as short as five minutes (three minutes for existing members).
- A $3 billion credit union was able to launch a completely new loan product, in response to a local natural disaster, in just 24 hours.
Today, over 600 financial institutions in the US and Canada use Temenos Infinity. This cloud-native, cloud agnostic digital front office solution combines Temenos developed capabilities for onboarding, origination, omni-channel banking, marketing engagement and advanced analytics. With Temenos Infinity, financial institutions can now benefit from a frictionless loan application experience that shortens the process to only minutes and includes behind the scenes integration with fintech services and real-time decisioning. Using rules established by the client’s underwriting team, Temenos Infinity evaluates multiple factors simultaneously to deliver instant, automated decisions, driving more loan approvals and higher acceptance rates.
Temenos’ recent acquisition of Kony Inc., the #1 digital banking SaaS company, will further solidify Temenos Infinity’s position as the richest and most technologically advanced digital banking product. The acquisition accelerates Temenos’ growth in the United States, bringing substantial scale, increased market presence, and further strengthening Temenos’ unmatched digital expertise.
Andrew Coy, AVP of Lending, PSECU, said: “As a predominantly branchless credit union, it is important that we provide a fast, safe and simple path from application to funding. The powerful decision engine and overall configurability of the Temenos solution has empowered our business unit to define and refine this process, creating a great loan application experience for our members. We are proud to be able to offer loan applicants instant, automatic decisions up to 70% of the time, and access to funds in as little as five minutes. In cases where loans need manual intervention, the system makes the interactions personalized and efficient. With Temenos, if you can think it, you can design it and bring your vision to life.”
Thomas E. Hogan, President of North America, Temenos, said: “First impressions and fast responses are everything in a digital-first world. We are proud to share these stories of institutions who have raised their level of service for members and customers.”
For details on each of these customers and a white paper with insight into some of the successful strategies employed by these Temenos Infinity customers.
