Candescent has announced a significant advancement within its Terafina account opening and onboarding platform, providing banks and credit unions with enhanced control over the entire account opening experience. The update introduces new intelligent templates designed to define pre- and post-account opening workflows, aiming for more personalized and efficient onboarding journeys.
With nearly one in four consumers (23%) opening a new financial account annually, the demand for fast, intuitive account opening capabilities is critical. A study by Deloitte indicates that 38% of applicants abandon the account creation process if it is too lengthy or requires excessive information. Terafina Account Opening’s flexible templates are intended to minimize initial input requirements, allowing optional actions such as debit card selection and online banking enrollment to occur once an account is active. This approach seeks to modernize the flow, increase successful account opening rates, and improve customer experience without compromising compliance or back-office efficiency.
Gareth Gaston, Candescent’s Chief Product Officer, stated that financial institutions have been seeking faster, easier ways to open new deposit and loan accounts. He added that Candescent Terafina’s configurable templating capabilities offer financial institutions control over where they place pre- and post-account opening requirements. Gaston emphasized that intelligent and speedy account onboarding experiences are key to revenue growth, maximizing applications, and establishing positive relationships from the outset.
The new capabilities aim for a more adaptive approach to digital onboarding, encompassing pre/post account workflow control, smarter joint applicant support, modern compliance automation, built-in security with name matching, and tailored user roles for back-office staff.
Gene Fichtenholz, VP, Digital Strategy and Engagement at Meriwest Credit Union, commented that Candescent’s Terafina platform is a strategic enabler. He highlighted its ability to create customized account opening experiences tailored to their needs and integrate seamlessly with various platforms, enabling a frictionless, member-centric journey and strengthening their digital foundation.
Atlanta, Georgia-based Candescent is a cloud-based digital banking solutions provider for U.
S. financial institutions. The company supports clients in differentiating and growing through secure and innovative experiences in consumer and business banking, onboarding and sales, payments, servicing, and marketing and data. Candescent serves 1,300 banks and credit unions, representing 30 million registered users.
