Avoka Reports Record Growth for Second Consecutive Year

Avoka is celebrating its second year in a row of topping expectations. The company has experienced big gains in order numbers (79% overall, 67% new business), opened a new office in Frankfurt, Germany, and launched a new solution to help FIs build and implement their visions for an omni-channel experience.

“Large banks across Europe, North America, and Australia are continuing to recognize the benefits we provide and this has spurred our growth,” Avoka CEO Phil Copeland said. He credited investments in talent and technology for a system that he said is reducing abandonment rates “by more than 40%,” while reducing implementation time to “as little as three months” and onboarding “from 40 days to three.”

Avoka’s success in Europe, North America, and Australia over the years has resulted in turning four out of Australia’s top 10 banks, four out of Europe’s top 50 banks, and eight out of North America’s top 50 banks into Avoka clients. Avoka’s investments in talent include appointing former KPMG executive Matt Lewis as Chief Financial Officer in February, and hiring former CA Technologies VP Steve Demchuk as Chief Product Officer in March.

Pictured: Avoka Director of Business Development, Hali Khan, demonstrating Transact Insights at FinovateEurope 2017.

Founded in 2002 and headquartered in Denver, Colorado, Avoka demonstrated its Transact Insights solution at FinovateEurope 2017. Just a few weeks ago, the company announced that its partner, Bankwest, had been honored at the Australian Business Banking Awards for Best Omni-Channel Service and Best Digital Platform. In June, Avoka launched its CX Design for Banking solution, which combines human design experts and analytic tools to enable financial institutions to configure their application processes in what CX Design Practice Director Adam Miller called a “customer-centric” way instead of “around their own internal processes.”

Earlier this year, the company presented its 2017 State of Digital Sales in Banking report, looked at how quickly banks were embracing digital financial technologies. Concluding that there is a significant lag between adoption of consumer-based digital banking technologies compared to corporate banking offerings, the report noted that this meant substantial opportunity for fintech solutions exists in the corporate banking space, particularly in historically profitable business lines such as business banking and wealth management.

A multiple-time Finovate Best of Show winner, Avoka has raised $12 million in funding, and includes Moelis Australia Asset Management and Regal Funds Management among its investors.

Finovate Alumni News

On Finovate.com

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Expensify Reaches Five Million Users Worldwide, Doubles Customer Base.
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Around the web

  • CREALOGIX recognized by Wealth and Finance International as “leading digital financial advisory.”
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Let’s Talk Payments interviews Finn.ai CEO, Jake Tyler.
  • Jumio teams up with Branddocs TrustCloud to bring its identity verification business to Spain and Latin America.
  • Avoka partnership helps Bankwest win top honors for omni-channel service, digital platform at Australian Business Banking Awards 2017.
  • Fiserv introduces its Instant Issue Advantage wireless tablet solution to support instant, in-branch card issuance.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Finovate Alumni News

On Finovate.com

  • EquityZen Secures $3 Million in Round Led by Draper Associates.
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  • Innovation Acceleration: Incubators and Incubation Labs Drive Development in Fintech.

Around the web

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • Xignite launches the Xignite Channel Partner Program to offer partners integrated cloud-based market data solutions.
  • Betterment launches new Socially Responsible Investing (SRI) Portfolio.
  • Forbes profiles Unison in look at the challenges facing homebuying millennials.
  • CrowdFlower adds former Amazon AI product specialist Robert Munro as VP of Machine Learning.
  • NuCypher introduces its decentralized key management system, NuCypher KMS.
  • AltFi talks about the role of “platformification” in supporting innovation in fintech with Avoka CEO Phil Copeland.
  • IDG Connect interviews Xpenditure CEO Boris Bogaert on current trends in banking including blockchain R&D.
  • IBM opens new data centers in London, U.K.; Sydney, Australia; and San Jose, California.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • PayPal Makes Strategic Investment in Online Lender, LendUp.
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Around the web

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  • IDology unveils ExpectID Call Verification to help fight call center fraud.
  • Klarna teams up with Knomo to give new purchase options to Knomo shoppers.
  • Bill.com announces deeper integration with Intuit’s QuickBooks.
  • DefenseStorm readies for July webinar on cybersecurity for financial services.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Building A Better Onboarding Experience: Avoka Introduces CX Design for Banking

The new CX Design for Banking solution from Avoka is geared to help financial institutions remove friction from their digital customer acquisition and onboarding processes. Through a combination of human design experts and analytic tools, CX Design for Banking helps decrease applicant abandonments, increase conversion rates, and make it easier and more engaging for customers to work with your bank or credit union.

“More often than not, banks oriented their application experience around their own internal processes, instead of on what matters most to their customers, often with unintended consequences,” CX Design Practice Director, Adam Miller explained. The solution was for banks to embrace “customer-centric thinking” and to begin with the customer’s initial interactions with the institutions “or risk watching customer loyalty move to the competition,” Miller said.

CX Design for Banking includes Avoka’s Transaction Effort Score methodology which measures how easy a bank’s application process is to complete compared to others in the industry. An Experience Design Workshop provides a “deep dive” into the bank’s specific issues with regard to customer acquisition and onboarding, and is led by an Avoka CX Design Consultant. And with Avoka’s Transact Insights, CX Design for Banking provides experience optimization through additional application analysis and A/B testing, delivering actionable insights for improvement.

Founded in 2002 and headquartered in Denver, Colorado. Avoka demonstrated its Transact Insights technology at FinovateEurope 2017. A multiple, Finovate Best of Show award winner, Avoka won the ATB Financial Customer Onboarding Global Innovation Challenge earlier this month, and began the year hiring former KPMG executive, Matt Lewis, as its new CFO. The company has raised $12 million in funding, and includes Moelis Australia Asset Management  and Regal Funds Management among its investors. Philip Copeland is CEO.

Finovate Alumni News

On Finovate.com

  • Building A Better Onboarding Experience: Avoka Introduces CX Design for Banking.
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Around the web

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  • TransferTo partners with MallforAfrica to provide African shoppers with access to retailers in Europe and the U.S.
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  • Equifax and OpenGI combine forces to bring better fraud prevention technology to brokers.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Europe’s Got a Brand New Bank as Klarna Earns License.
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Around the web

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Women on the Finovate Stage

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There are plenty of things about fintech worth celebrating, but today, in honor of International Women’s Day, we’re giving three cheers to the women in fintech!

We’re taking a special look at our most recent show, FinovateEurope, where 23% of the presenting companies were represented by a woman on stage. That’s a 50% increase from 2015, where 15% of the companies had female speakers, and a huge leap from our first event in 2007 with zero (see note 1).

So here’s to progress. And here’s to the women of FinovateEurope:

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Avoka

Hali Khan, Director, Business Development

FinovateEurope 2017 demo

 

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Paulina Powązka, Sr. Business Solutions Consultant

FinovateEurope 2017 demo

 

 

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Eszter Vass, Sr. Product Strategy & Presales Consultant

FinovateEurope 2017 demo

 

 

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Reanta Stein, Business Development Director

FinovateEurope 2017 demo

 

 

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Diana Winstanley, Business Developer

FinovateEurope 2017 demo

 

 

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Tinna Hung, Director, Marketing

FinovateEurope 2017 demo

 

 

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Angelique Mohring, CEO & Founder

FinovateEurope 2017 demo

 

 

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Janice Diner, CEO, Founding Partner

FinovateEurope 2017 demo

 

 

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Mariona Campmany, CMO

FinovateEurope 2017 demo

 

 

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Patricia Soares, Business Developer

FinovateEurope 2017 demo

 

 

32818219881_3de81c5c45_kMitek

Sarah Clark, General Manager, Identity

FinovateEurope 2017 demo

 

 

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Trisha Price, EVP, Product Development & Engineering

FinovateEurope 2017 demo

 

 

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Iveta Brūvele, CEO, and Elīna Rasmane, COO

FinovateEurope 2017 demo

 

 

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Märta Viberg, Head of Product & Consumer Risk

FinovateEurope 2017 demo

 

 

32786393702_06824485c4_kWealthify

Michelle Pearce, Co-Founder and Chief Investment Officer

FinovateEurope 2017 demo

 

 

32942531505_6dd568debc_kXignite

Vanessa Gatihi, Global Head, Customer Success

FinovateEurope 2017 demo

 

 

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Editor’s Note: While sadly it’s true that no women were on stage during the 20 demos of the first Finovate. One company, iPay Technologies, was founded by Dana Bowers, but she chose not to speak that day. And Finovate might not even exist if it wasn’t for Melanie Flanagan, then Marketing Manager at Yodlee (also co-founded by a woman), who was the first person to agree to demo. Finally, Susan Hawkins, then SVP at Metavante, was instrumental in getting both her company and Monitise on stage. So there you have it, woman called the shots for at least 20% of Finovate v1.0’s content, even if they ended up delegating the on-stage pitching to men. Thanks Melanie, Dana and Susan! — Jim Bruene, Founder

FinDEVr APIntelligence

FDNY17-Logo-Rev

FinDEVr New York is just over one month away. Visit our registration page today and save your spot as our developer’s conference returns to New York City, March 21 & 22, for two days of APIs, SDKs, case studies, coding examples, and more.

On FinDEVr.com

  • Braintree Hires John MacIlwaine as New CTO.

The latest from FinDEVr New York presenters. Catch them at FinDEVr New York next month!

  • ChartIQ to provide Fidessa with HTML5 charting options.

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  • Massachusetts-based bank, Salem Five ($4.2 billion in assets) picks Fiserv as its new technology partner.

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Alumni updates

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  • Entersekt CIO Gerhard Oosthuizen shares advice on passwords and protecting personal data in Moneyweb.

  • ACI Worldwide teams up with Chargebacks911 to help merchants handle fraudulent chargebacks.

  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

  • Envestnet | Yodlee partners with mobile-only banking startup, Varo Money.

  • Xero partners with Sasfin Bank to offer next generation financial management to small businesses.

  • Betterment unveils new multi-plan offering with access to human advisors.

  • Fidor partners with EPAM Systems to gain access to additional product development and software engineering talent.

  • Avoka names former KPMG executive Matt Lewis as new CFO.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.