Synergy Credit Union partnered with thirdstream to expand its virtual banking capabilities and provide a seamless onboarding journey for its customers. As a part of this partnership, Synergy deployed thirdstream's Identity Verification API Platform for applicant identification and automated credit adjudication. This platform served as a single point of integration with key services, allowing for a smooth onboarding experience for new customers.
Headquartered in Lloydminster, SK, Synergy has over $1.8B in assets and more than 28,000 account holders. The project was led by Synergy's Digital Member Origination team, which was focused on expanding the credit union's virtual banking capabilities
Synergy adopted thirdstream's remote and in-branch application experience solutions, leveraging the deployment of thirdstream's Identity Verification API Platform. The platform's configurable workflow guided the application process and brought together fraud prevention, remote identity verification, automated decisioning, real-time funding, and document management.
At A Glance
Exceeded its targets for newly onboarded members
End-to-end online application approvals
Continued quarterly growth in successfully opened accounts
As a part of the process, Synergy adopted customized and configurable workflows that were designed to open retail and commercial accounts in under five minutes. Corresponding user experience capabilities were also put in place to accommodate deposit accounts. Thirdstream's Identity Verification API Platform was used to address fraud prevention, identity verification, adjudication and decision-making, payment setup, and document management.
"thirdstream and Synergy Credit Union share a common goal of providing their customers with exceptional banking experiences. Through their partnership, they are expanding their digital capabilities and enhancing their customer onboarding process to deliver a seamless and efficient banking experience."
Keith Ginter, thirdstream CEO
Through its testing and early marketing initiatives, Synergy reported that it exceeded its targets for newly onboarded members. The credit union consistently saw end-to-end online application approvals, and there was continued quarterly growth in successfully funded accounts. There were also quarter-over-quarter increases in bill payment transfers from other financial institutions to newly approved Synergy accounts. Overall, the partnership between Synergy and thirdstream proved successful in delivering a streamlined and efficient onboarding experience for new customers.