Fujitsu has launched Smart Origination, customer onboarding technology which claims to enable financial institutions to collect, process and verify documents in less than five minutes.

In collaboration with ImageWare Systems, InAuth, Intelligent Environments, Mitek, and Trunomi, the proposition operates across multiple channels in an attempt to increase conversation and reduce the cost of new customer acquisition.

In a release, Fujitsu said: “Smart Origination reduces identity fraud by up to 99% and decreases application abandonment by 40%, enabling financial institutions to reduce the financial expense associated with fraudulent customers and more easily attract new customers.”

Gary Fegan, head of digital financial services solutions at Fujitsu, said: “The aim was to take a best of breed approach for digital origination and account servicing but also deliver this as a truly integrated and business aligned solution. I believe Smart Origination allows financial institutions to leapfrog five years of internal development and concentrate on real customer-focused innovation whilst meeting their regulatory environments.”

David Webber, managing director at Intelligent Environments, said: “We live in a truly digital age, yet consumers are still becoming bogged down in old fashioned paperwork when applying for a new bank account or insurance policy. The identity verification stage of these applications alone can often take over an hour, which simply isn’t acceptable for today’s busy consumer.

 “Smart Origination, created as a result of an exciting partnership with a selection of leading fintech innovators, means that financial services firms are now able to offer their customers a seamless and streamlined ID verification and application process at the click of a button.”