Washington Trust Bank (WTB) has partnered with Terafina to launch a digital account opening platform for customers.
Terafina is a digital account opening and unified sales platform that bridges the online, branch and call centre channels for banks and credit unions.
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The California-based company allows banks to cultivate client relationships beyond the 30-60-90 day life cycle.
Moreover, its Fasttrack Digital Storefront enables banks and credit unions to onboard new customers within four weeks.
The platform is built on key digital account opening capabilities that include a comprehensive, real-time know-your-customer (KYC) and know-your-business (KYB) processes.
Terafina CEO Meheriar Hasan said: “Our intent is to always work collectively with our client partners and focus on addressing the acute and unique needs of their respective client base.
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By GlobalData“We are here to listen and given the current economic landscape we recognize the power of digital account opening and the immediate impact this can have in helping better serve communities.”
Through the partnership, WTB aims to provide clients with digital channel capabilities tailored to their financial needs.
The bank, which has $7.15bn in assets, has made digital onboarding a key pillar of its 2020 initiatives to position itself for growth.
WTB client experience director and SVP Tami Ferguson said: “Offering an exceptional account opening experience is vital for WTB to remain competitive and ensure loyalty.
“Since partnering with Terafina we have seen a large increase in online account opening.
“We saw a 192% increase in new accounts opened online between January and April and unique page views increased by 143%.”
