Virtusa and Thought Machine have teamed up to launch a platform that helps financial institutions onboard small- to medium-sized businesses (SMBs).
The new SME Customer Onboarding Platform is designed to streamline and enhance the onboarding process for SMBs in the financial industry, the companies said in a Wednesday (Aug. 9) press release.
The collaboration brings together Virtusa’s expertise in digital transformation and Thought Machine’s advanced core banking platform, Vault Core, according to the release.
“We believe that Thought Machine is one of the leading next-generation core banking providers, owing to Vault Core’s composable microservices architecture and numerous pre-configured financial products,” Amit Bhute, senior vice president and head of banking practice at Virtusa, said in the release. “We are excited to have developed a seamless digital onboarding journey on top of Vault Core, leveraging Thought Machine’s easy-to-use [application programming interfaces (APIs)] and superb technology vendor ecosystem.”
The platform provides financial institutions with digitized onboarding that minimizes the need for physical paperwork, the seamless performance of know your customer (KYC) and know your business (KYB) processes, enhanced compliance throughout the application process, and real-time decisioning, according to the release.
“For financial institutions, providing the best customer experience is more critical than ever to remain competitive,” Thought Machine Director of Partnership for EMEA Randolph McFarlane said in the release. “Virtusa’s digital platform has solved the issue of poor customer experience during onboarding for [SMBs]. Integrating Virtusa’s modern, open-architecture design with our real-time core and APIs enables enhanced automation during KYC, KYB and account opening, providing significant cost and efficiency benefits for our clients.”
PYMNTS research has found that financial institutions have traditionally made it difficult for customers to open accounts by relying heavily on manual, time-consuming tasks and requiring visits to brick-and-mortar locations.
This has led to significant dropout levels in the account-opening process, according to the “Next-Gen Commercial Banking Tracker,” a PYMNTS and FISPAN collaboration.
The report found that customers have now seen increasingly innovative financial experiences delivered by FinTechs and online platforms, so retaining corporate clients in this changing landscape means enabling speedy, simple and comprehensive digital onboarding.