Texas Capital Bank, which is headquartered in Dallas, announced the launch of an in-house developed proprietary digital onboarding system that takes the fuss out of opening and authorising a new business bank account within days, not weeks.

Onboarding new customers’ data transferred “in motion” to banks can be done electronically with the option of using electronic signatures, hence eliminating manual processes and enhancing security.

Leading in the market, the cloud native legacy software takes an automated approach.

Sonny Singh, Executive Vice President of Oracle Financial Services, says “banks must innovate to succeed in today’s hyper competitive environment” and erase friction while strengthen security in the onboarding process. Banks are also under growing pressure to offer more secure digital suite services, for example instant and cross-border payments solutions within digital wallets owned by the banking sector.

Cloud native services are being leveraged by banks to expand their portfolio offerings with scalable, specialised solutions built on applications and existing infrastructures to streamline banking operations. Cloud banking combines digital assets like data algorithms, capabilities, and software platforms which can run autonomously and seamlessly together to reduce risk while supporting innovation.

Don Goin, Texas Capital Chief Information Officer said: “With a devoted focus on technology and a strong commitment to client-centric solutions, we have transformed the account opening experience for businesses”. 

“Initio represents an innovative solution that addresses a pain point that many commercial clients traditionally face.” 

Nancy McDonnell, Head of Treasury Solutions at Texas Capital Bank commented: “As of the first quarter of 2023, we now onboard over 70% of all treasury clients digitally with Initio. By reducing the time and effort required for account setup, this technology empowers businesses to focus on their core operations, driving growth and operational efficiency.”

Register and secure your place today at Identity Week America 2023, on 3-4 October, to meet a vast cross-section of the banking and financial services industry that are already coming!

We reserve a select number of free conference passes for people working in the financial services sector, so get yours today!

We’re not shying away from the big topics – fighting fraud, identity and access management, digital identity leveraged in the financial services, the innovation and future of payments, plus more sessions to be announced in due course.

The agenda is filling up with notable members of the identity community across the Americas!