News & Events

Finzly Simplifies Consumer Digital Account Opening Process to Advance Modern Banking Experience

Finzly fully automates account opening process so FIs can offer a more seamless experience to customers.


As consumers increasingly leverage digital channels for their banking needs, Finzly, a modern fintech provider of banking applications for foreign exchange, trade finance, payments and digital banking, announced the availability of its contactless consumer digital account opening solutions that empower community financial institutions to deliver convenient, modern banking experiences to account holders while eliminating manual processing and driving operational savings.

With consumers increasingly opting for contactless environments and desiring the ability to conduct the financial lifecycle entirely through digital channels, Finzly is fully automating the account opening process so financial institutions can offer a more seamless experience to customers. Not only does this help reduce abandonment rates among new account applications, but it also it provides financial institutions with greater flexibility and faster integration using core agnostic open APIs to ensure they always have the best, most up-to-date offerings in place to combat the latest fraud threats.

Key benefits of Finzly's consumer digital account opening solutions include:

  • Automation flexibility: FIs can customize the level of back-office automation involved, choosing when to automate and when to engage directly with new customers;
  • Quick and easy implementation: Leveraging the value of existing core technology investments to supports faster integrations;
  • AI-powered KYC: Reduce fraud using AI-enabled customer ID verification and "selfie" validation, easily paired with out-of-wallet questions, when warranted;
  • Real-time verified deposits: Immediate funding of new accounts using real-time verification of bank account;
  • Regulatory compliance: Ensure regulatory compliance with built-in support for KYC, CIP, BSA and OFAC requirements;
  • Better back-office controls: FIs can easily monitor and manage the status of new applications with improved visibility and audit trail capabilities; and
  • Ongoing service: Automated next steps ensure the new account is actively used (e.g., card activation, online banking enrollment, direct deposit initiation).

Research shows that 69% of consumers desire the ability to conduct the financial lifecycle, including account opening, entirely through digital channels, yet many financial institutions still require branch visits to facilitate account opening. Finzly's digital account opening solutions overcome this disconnect by simplifying the process to offer more flexibility, easy implementation and full automation capabilities, without compromising security or compliance.

"While digital transformation may have been more of an aspirational goal before, it is now an imperative for community financial institutions as they work to cultivate and grow new consumer relationships in the current economy," said Terry Howell, CTO, Finzly. "To be competitive in a more dynamic marketplace, banks and credit unions must strategically address this need by implementing flexible, automated tools to deliver a more modern banking experience via the digital channels that many consumers prefer."

About Finzly
Finzly connects financial institutions with customers through a modern digital banking experience and an efficient, real-time payment services hub. Freeing financial institutions from core system limitations, Finzly's open, cloud-based modern banking platform, BankOS, enables transformation and innovation at the speed of fintech. With freedom to adopt solutions from Finzly and third parties of choice, financial institutions can implement apps in three simple steps - subscribe, try and launch. Serving customers across North America, Finzly has been modernizing international banking and treasury management solutions since 2012.