Fintech company Fiserv has introduced a new family of solutions, dubbed Originate, to help banks and credit unions address online account opening and loan application challenges.

The suite features Originate Deposits solution that is designed to allow users to open an account or initiate a consumer loan process from any electronic device.

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The platform also includes optional ID scanning, autofill and facial recognition features.

Fiserv president of credit union solutions Vincent Brennan said: “Financial institutions have one chance to make a good first impression, and opening an account or applying for a loan are central to that initial experience.

“Originate creates an intelligent banking experience that makes the process simpler and puts the customer first – and that means more accounts can be successfully opened from any device or location. That’s a big win for any institution aiming to grow.”

Before introducing the online account opening solution, Fiserv carried out a consumer research to identify the challenges of present digital account opening systems.

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The new Originate Deposits solution aims to reduce the present complications and offer a step-by-step system to increase user satisfaction and reduce abandonment.

Additionally, the platform is said to support multichannel strategies for the banks and credit unions maintaining same interface in all channels.

Originate Deposits is also integrated with other Fiserv digital solutions including the Mobiliti mobile banking and payments platform.

Besides Originate Deposits, Fiserv is scheduled to add more solutions in its Originate suite by the end of this year.