Introduction
Step aside traditional banking, the future is knocking on your vault door! Prelim is here, transforming the financial landscape with its revolutionary no-code platform for banks and financial institutions. Forget about cumbersome processes and say hello to a digital experience that’s both sleek and compliant. In this article, we’re going to delve into an in-depth review of Prelim – we’ll look into its features, pros and cons, pricing structure, funding details, and top alternatives.
So grab your ledger, dear reader; it’s time for a financial tech deep dive!
What is Prelim?
Founded in 2017, Prelim is a fintech company that offers a no-code platform to financial institutions to streamline the account opening process for both consumer and business clients. Based out of San Francisco, USA, Prelim’s founders are Chris Blaser and Heang Chan. Prelim’s end-to-end solution focuses on increasing speed-to-market, compliance handling, risk management, and enhancing the overall customer experience. The platform is designed to be tailored to a bank’s brand and image, allowing for quick and flexible implementations. With pre-integrated connections to proven fintech providers, it provides a comprehensive solution that addresses the complexities of deposit account opening, from ID verification to funding and core account creation.
What is a no-code platform for banking and financial institutions?
Low-code and no-code (LCNC) development platforms are tools that enable non-coders to create applications. These platforms, built on traditional coding languages, offer visual environments where users can drag, drop, and link components. The approach simplifies the development process, making it accessible to those without coding knowledge. In particular, a no-code platform for banking and financial institutions is a software solution that empowers financial professionals to develop, customize, and deploy applications for various banking processes, such as account opening, loan origination, and risk management, without writing a single line of code. Through intuitive drag-and-drop interfaces and pre-built templates, these platforms reduce development time, lower costs, and allow for rapid adaptation to market changes.
Prelim’s Key Features
- End-to-End Account Opening: Comprehensive solution for digital application to core account creation.
- Customizable Customer Journeys: Enables banks to tailor the experience to their brand and image.
- Compliance & Security: Meets government and regulatory standards including KYC/KYB/AML checks.
- Multi-Channel Onboarding: Uniform experience across various devices and channels, including online and in-branch.
- Real-Time Customer Interaction: Allows bankers to guide and co-pilot the customers’ experience.
Prelim’s Integrations
- Abrigo: Empowers financial growth and risk management through automation and analytics.
- Alloy: Facilitates automated onboarding, transaction monitoring, and credit underwriting.
- Blockscore: Provides customer verification using out-of-wallet questions.
- Codat: Enables connections to platforms SMB customers use, like Accounting, Banking, and Commerce systems.
- CSI, Finastra, FIS, Fiserv, Jack Henry: Streamline data from Prelim applications directly to core banking systems.
- DocuSign: Integrates electronic signature functionality within Prelim forms.
- Global Radar: Offers risk management with an all-in-one Compliance/AML/KYC tool.
- IDology: Implements multi-layered identity verification.
- LexisNexis: Screens customers against government watchlists to minimize risk.
- Middesk: Automates KYB with real-time access to customer data and documents.
- Ocrulus: Scans and analyzes documents for automated underwriting.
- Persona: Allows identity verification with ID upload and selfie scan.
- Plaid: Enables customers to instantly connect their bank account within applications.
- Quantum Metric: Prioritizes customer needs to fuel real-time action and optimize digital experiences.
- Salesforce: Facilitates data transfer and status updates seamlessly.
- SBA E-Tran: Connects to the SBA for loan origination and servicing.
- Socure: Provides identity verification and risk management using machine learning.
- Stripe: Utilizes microdeposits for bank account verification.
- Tax Status: Verifies individual and business income data directly with the IRS.
Pros
- Speed-to-Market: Pre-built, white-labeled solutions for quick implementation.
- Enhanced Customer Experience: Intuitive design works across devices, enhancing satisfaction.
- Robust Analytics: Insights & Discovery Dashboard for detailed customer interaction analysis.
- Flexible & Extensible: No-code platform with out-of-the-box and configurable options to respond to market changes.
- Integration with Industry Leaders: Collaboration with known FinTech providers for added functionality.
Cons
- Potential Complexity: Customizing and integrating multiple features might be challenging for some institutions.
- May Require Training: Though designed to be user-friendly, some staff might need training to utilize the platform fully.
Prelim’s Pricing
Book a demo with Prelim to find out more details about its pricing.
Prelim’s Funding & Investors
According to Crunchbase, Prelim has raised a total of $4.1M in funding over 3 rounds. EJF Capital and Y Combinator are the most recent investors.
Prelim’s Alternatives & Competitors
- Fyle
- FintechOS
- Extentum by Finanteq
- Genesis
Review of Prelim
Prelim, a no-code platform designed for financial institutions, has made a notable impact on the banking industry by transforming the customer journey from onboarding to servicing. Founded by experts with backgrounds in both banking and technology, Prelim’s platform emphasizes speed-to-market and efficiency, enabling banks to launch customized solutions within weeks rather than years. One of the standout features of Prelim is its seamless integration with prominent banking systems such as Abrigo, Alloy, CSI, Finastra, FIS, and Plaid. Its drag-and-drop interface allows for easy tailoring of questions, sections, and visual design without losing momentum in the competitive market. The platform also provides insightful behavioral analytics through its Insights & Discovery Dashboard, helping banks understand customer interactions and receive best practice reviews specific to their applications. While its focus on automation and digital transformation is admirable, some may argue that the platform may be too complex for smaller institutions or could potentially overshadow the human element within customer service. Nevertheless, Prelim’s extensive solutions for business and consumer account opening, parallel onboarding experiences for different officers, and fraud screening and risk management tools make it a comprehensive and powerful tool for modern banking. It’s a platform that seems poised to redefine the way financial institutions approach customer relationships and operational efficiency.
