Prelim Upgrades Biz Banking Onboarding Platform For FIs

Prelim, which helps financial institutions (FIs) automate the customer experience from onboarding to servicing, upgraded digital account opening (DAO) functionalities for corporate banking accounts, according to a Thursday (May 20) announcement.

The firm also unveiled a “Status Center” tool that helps institutions better handle client data to make pre-approvals and speed up small to medium-sized business (SMB) loan applications, according to the announcement.

Prelim CEO Heang Chan said that even though the financial services sector has seen upgrades in the quality of the digital experience in banking for individuals, the same tier of innovation has not been brought to the corporate banking sphere.

“Universally, small business owners value convenience, ease-of-use and fast access to capital from their business banking partners, and those institutions that meet that need — or better yet, exceed expectations — are best positioned to gain a competitive advantage in the marketplace,” Chan said in the announcement.

Prelim says that some of the biggest banks in the country harness its solutions. By the way of its “user-friendly, low-code/no-code” system, Prelim assists FIs with offering improved digital experience for members and clients. Moreover, the FinTech’s system simplifies and digitizes internal operations for those who work for FIs, according to the announcement.

“With Prelim’s easy-to-use platform, we were able to build and launch over 40 new applications to better support our treasury services and business banking efforts, all the while streamlining our back-end processes,” Pacific Western Bank COO Mark Yung said in the announcement.

As PYMNTS previously reported, companies are becoming more and more demanding with their financial service providers, and the point of onboarding is an essential one when it comes to achieving a better client experience.

Every new customer, whether a significantly sized company or a person, desire a hassle-tree experience when joining a new FI, and that institution wants the same. However, particularly with companies, this point can one of the most cumbersome and nonautomated experiences of the bank-corporate relationship.