VARO
Varo Bank N.A. is an American neo-bank with the aim to treat its customers better than large American banks. With a customer-first approach and a hyper-efficient cost model, their success is a fact; today Varo is one of the largest neobanks in the USA with over 2 million customers.
Cutting edge in digital banking
Varo chose Lasernet to improve on their already progressive user-friendliness. With the high quality of Formpipe’s software and it’s level of integration with Temenos, it was the clear choice for Kelvin Li, Senior Product Manager at Varo, who notes that “Lasernet allows us to focus our engineering forces on other areas, saving a lot of time and resources”.
Varo Money Inc, founded in 2015, is the first consumer fintech in US history to become a national, mobile-only digital bank. Varo’s mission is to help people become more financially resilient. They offer customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money more easily.
Enhanced Efficiency & Cost Savings
Lasernet helped Varo optimize their engineering resources, saving significant time and money, aligning with their hyper-efficient cost model for delivering value to customers.
Improved Customer Experience
Varo uses Lasernet to personalize communication with customers through customized documents, supporting their mission to enhance financial resilience and user-friendliness.
Flexibility & Scalability
Lasernet's cloud-based solution enables Varo to rapidly scale document generation volume, contributing to its growth and status as one of the largest neobanks in the USA.
World class user experiences
Varo is adopting the latest technology from Silicon Valley and designing a platform centred around advancing the financial health and well-being of all Americans. One of the main factors that differentiates Varo, is its technology platform and architecture that employs open APIs and is cloud native. It was very important for Varo to find technology partners who could support their hyper-efficient cost model – which runs at just 25% of a traditional bank’s service cost - to enable it to pass real value back to its customers.
Varo chose to partner with Temenos, a global leader in banking software, for its core solution. Using Temenos’ cloud-native APIs, Varo can accelerate new product development and launch products rapidly into the market.
“With Lasernet we received a cost-effective solution that represents Varo’s identity well and allows us direct communication with our customers, through customized documents.”
Kelvin Li
Trusted Partners in the Temenos Ecosystem
Formpipe has been providing industry leading communication and document management solutions for Temenos customers since 2006. Their close partnership with Temenos led to contact with Varo, who bought Lasernet in January 2019, as part of their implementation of Temenos’ Core banking software.
Formpipe’s software enhances the raw data in Temenos’ product suite, allowing banks to create exceptional digital and print documentation, in multiple languages, across all verticals and networks. With real time distribution to bank customers, documents are made available for immediate retrieval through Internet and Mobile banking as they are generated or received.
Formpipe has also been recognized as Solution Provider of the year by Temenos on six separate occasions.
Saving engineering time and resources
For Varo, Temenos handles all their transactional data. Lasernet then takes that raw data and transforms it, generating perfectly branded and formatted PDFs which can be accessed by Varo’s customers.
Lasernet’s ease of use and versatility, allows the Varo team to quickly update or amend forms themselves, solving any problems or gaps in requirements, without having to involve engineers. This setup helps them to deliver a customer-first experience, whilst saving time and money.
Lasernet enables financial actions
“I would say that Lasernet very much contributes to our business and values. It enables us to act anywhere and everywhere, providing safe and correct documents, fully transparent for our customers to know all about their account, and empowers them to take financial actions. The partnership with Formpipe has been very collaborative, to say the least. Without Brian Feast, Banking Team Lead, Operations/Delivery at Formpipe, always communicating with the support we need along the way, we wouldn’t have been so successful.”
Kelvin Li
Rapid scaling based on customer demand
Lasernet provides digital generation for all types of banking documents, including monthly or ‘on-demand’ statements, all of which can be accessed from within standard banking apps. Being deployed in the cloud allows for rapid scaling based on changing customer demand. This flexibility allowed Varo to effortlessly grow their generation volume almost 4000 % between October 2020 and February 2021.
Varo + Lasernet
Varo
Varo is using the Temenos Transact (back-end platform), Temenos Financial Crime Mitigation, Temenos Payments and Temenos Infinity (front-end loan origination solution) services on the cloud. Temenos has proven to be a great partner in helping Varo accelerate the cycle of product iteration, gaining insights and continuing to deliver solutions that solve real pain points for consumers.
Lasernet
Lasernet offers the market’s strongest solution when it comes to generating digital and hard-copy business documents and customer communications. Its intuitive drag-and-drop interface means that design changes can be made in just minutes.
Read more about our products and our Temenos solution:
Lasernet
Lasernet formats, prints, delivers and archives data from ERP solutions around the globe, making document management simpler and streamlined.
Banking
Formpipe's integrated output and document management solutions enhance raw banking data, allowing your bank to create exceptional documentation.
Temenos
Formpipe's output and document management solutions enhance Temenos' product suite, allowing your bank to create exceptional documentation.