With intelligent templates and post-open workflows, Candescent Terafina empowers FIs to drive conversions through speedy account opening
Candescent announced a major advancement within its market-leading account opening and onboarding platform, Candescent Terafina – giving banks and credit unions unprecedented control over the entire account opening experience. With new intelligent templates, financial institutions can now more precisely define what happens before and after an account is opened, delivering more successful, personalized and compressed onboarding journeys.
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Candescent’s new onboarding capabilities give financial institutions control over pre- and post-account workflows, enabling faster, more personalized openings that boost conversion without compromising compliance.
With nearly one in four consumers (23%) opening a new financial account at least once per year, offering fast, intuitive account opening capabilities is critically important. In fact, 38% of applicants will abandon the account creation process if it takes too long or demands more information than they are willing to disclose, per a study by Deloitte.
Terafina Account Opening flexible templates allow institutions to minimize initial input requirements and move optional actions like debit card selection and online banking enrollment to when the account is live. The result is a modernized flow that boosts successful account opening rates and elevates experience without compromising compliance or back-office efficiency.
“Financial institutions have been asking for a faster, easier way to open new deposit and loan accounts for their customers,” said Candescent’s Chief Product Officer, Gareth Gaston. “With Candescent Terafina’s first-of-its-kind configurable templating capabilities, financial institutions have true control over where they place pre- and post-account opening requirements. Offering account onboarding experiences that have intelligence as well as speed is key to growing revenue, maximizing applications, and building positive relationships from the start.”
New capabilities represent a smarter, more adaptive approach to digital onboarding, including:
- Pre/Post account workflow control
- Smarter joint applicant support
- Modern compliance automation
- Built-in security with name matching
- Tailored user roles for back-office staff
“Candescent’s Terafina platform is more than a technology solution – it’s a strategic enabler,” said Gene Fichtenholz, VP, Digital Strategy and Engagement at Meriwest Credit Union. “Its ability to create customized account opening experiences tailored to our needs – while integrating seamlessly with virtually any platform – empowers us to deliver a frictionless, member-centric journey and strengthen our digital foundation.”
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