We are excited to share that Prelim has been selected as the best-in-class solution in the American Bankers Association’s (ABA) 2024 Digital Account Opening Product Assessment, conducted in partnership with Datos Insights. Prelim was highly ranked in terms of live deployments, contracts sold in 2023, customer feedback, and out-of-the-box core and financial application integrations, positioning it as a leader in the digital onboarding space.
As echoed by one of Prelim’s satisfied clients:
“Prelim’s innovative approach and commitment to excellence have truly transformed our digital onboarding experience. Their modern and open architecture allows us to connect to any system and partner with Prelim’s highly responsive team to tailor a solution that works for our current technology infrastructure, processes, and compliance/risk requirements.” Head of Digital – $38bn Regional Publicly Traded Bank
What Does the Assessment Measure?
As part of this initiative, the ABA commissioned Datos Insights to research and evaluate a selection of digital account opening products, providing valuable insights to support member banks’ vendor and product decisions.
The assessment highlights key trends and challenges in the digital account opening space, emphasizing the importance of enabling financial institutions to remain competitive through seamless and intuitive account opening processes.
How Did Prelim Fare? Insights from the Assessment
In the evaluation, Prelim showcased remarkable performance across various criteria:
- Tailored Solutions: Prelim’s product suite is built by former top bankers and Silicon Valley engineers and crafted to align with financial institutions’ diverse offerings, requiring minimal engineering or IT resources.
- Diverse Portfolio: Since its inception in 2017, Prelim has curated a robust selection of 100 solutions, spanning from Consumer and Business Account Onboarding to Treasury Services Onboarding, catering to the unique needs of banks and credit unions.
- Regional/Community Bank Focus: Prelim boasts a wide-reaching presence across 41 U.S. banks, including Banc of California, City National Bank of Florida, and Metropolitan Commercial Bank, indicating its relevance and appeal to a diverse clientele.
- Innovative Approach: Key differentiators highlighted in the assessment include Prelim’s highly configurable low-code/no-code infrastructure, which facilitates seamless integration capabilities and robust fraud mitigation features.
- Core Integrations: With turnkey integrations to Fiserv, FIS, Jack Henry, Finastra, and CSI cores, banks cite that Prelim’s solution was the only vendor they could find to meet their needs.
- Relationship-Based Approach: Prelim’s unwavering dedication to customer service excellence shines through its provision of dedicated technical support resources and prompt response times, ensuring a smooth and efficient experience for clients.
In Summary
Prelim’s high ranking in the ABA’s Digital Account Opening Product Assessment reaffirms its commitment to innovation and excellence in providing digital onboarding solutions for financial institutions. As the banking industry continues to evolve, Prelim remains at the forefront, empowering financial institutions to thrive in the digital age.
ABOUT PRELIM
Prelim is a leading Silicon Valley fintech company providing digital onboarding solutions for over 100 financial solutions, including consumer and business deposit accounts.
Prelim empowers banks, credit unions, and other financial institutions to digitize the customer journey, improving the employee journey by automating internal operations such as identity validation, compliance, and decisioning, as well as boarding to the core. Built by banking experts, Prelim’s no-code, white-labeled platform delivers a better customer experience through process automation for identity verification, issuing services from the core, and so much more. For more information, please visit prelim.com.
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