Now a Temenos Company, Avoka Unveils Workspaces for Retail Banking

Workspaces for Retail Banking is the first offering from digital customer experience specialist Avoka since the company was acquired by fellow Finovate alum Temenos in a $245 million deal in December.

A new module within the Temenos Infinity product, Workspaces gives professionals at retail banks and credit unions a digital review and approval workspace to provide better support and service during customer account opening and onboarding.

The new solution will be especially helpful for financial services professionals when dealing with applications submitted via Straight Through Processing (STP) that can neither be immediately approved or declined. Workspaces is built to improve the efficiency and productivity of the resolution process necessary to manage these pending applications, helping bank staff avoid delays and negative customer engagement.

“Orchestrating a fast, accurate and collaborative decisioning process is a critical aspect of an applicant’s customer journey,” Steve Demchuk, Chief Product Officer for Avoka, a Temenos Company, explained. “We validated this as an important problem to solve for our bank and credit union customers as they look to remove costly delays in account acquisition.”

Demchuk added that making application review and live customer service a part of the digital account opening process – instead of relying on separate systems – was a major innovation with Workspaces. “This is key to providing excellent service to prospective customers,” he said.

A multiple time Finovate Best of Show winner, Avoka demonstrated its digital account opening solution, Transaction Insights, at FinovateEurope 2017. With offices in Denver, Colorado, as well as London, England, and Sydney, Australia, Avoka had digitized more than 100 million transactions for more than 150 clients around the world.

With customers in more than 145 countries, Temenos introduced its Connect Mobile Banking application at FinovateEurope 2015. The company announced a partnership with Credorax earlier this week, helping the payments firm provide SME, merchant acquiring, and cross-border payment services. Also this month, Temenos partnered with Bloomberg to help provide contingency net asset value )NAV) calculations to buy-side institutions.

Headquartered in Geneva, Switzerland, Temenos was founded in 1993.

Finovate Alumni News

On Finovate.com

  • Ephesoft Helps Businesses Leverage the Cloud to Meet Demand.
  • Now a Temenos Company, Avoka Unveils Workspaces for Retail Banking.

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.

Temenos Acquires Avoka in $245 Million Deal

In a $245 million deal, banking software company Temenos will acquire fellow Finovate alum Avoka. The transaction, which is subject to regulatory approvals, is expected to close in the first quarter of next year.

A public company, Temenos will finance the purchase with cash and debt. The deal marks the company’s 14th acquisition since it was founded in 1993 and its second purchase this year, following the buy of its British competitor, Fidessa Group for $1.96 billion in February.

Temenos will integrate Avoka’s customer acquisition and onboarding technology into its Digital Front Office product, which serves 300 banking clients. “This is a highly strategic acquisition for Temenos as it not only reinforces our leadership position within the Digital Front Office space but it also strengthens our capabilities in the U.S. market where we are seeing significant traction as banks accelerate their digital transformation plans,” said Max Chuard, chief financial officer and chief operating officer of Temenos. “The combination of Avoka’s capabilities along with the extensive Temenos Digital Front Office product offers banks the most complete set of services which through APIs can be easily integrated either with the market-leading Temenos T24 Core Banking product or as a standalone on a third party banking system.”

Since it was founded in 2002, Avoka has grown to offer customer acquisition and onboarding technology to the financial services sector as well as government entities. In fact, the company’s first major client was the Australia Capital Territory government. Avoka also provides form filling technology to Australia’s Federal Department of Industry, Innovation, and Science’s business.gov.au portal. And according to ITNews, the company has provided services to Australia’s Defense, Centrelink, Attorney General’s Department, Customs and Border Protection, AUSTRAC, Education, Home Affairs, Human Services, as well as state and local clients. Temenos has not disclosed its plans for the government side of Avoka’s business.

Avoka CEO Philip Copeland said, “By combining our strengths with Temenos’ expertise and reach, we will expand our scope and scale to deliver winning omni-channel, digital experience solutions to banks globally. The combination of Temenos and Avoka is an excellent fit for our customers and employees and will catapult our growth to the next stage. Together, with the leadership on both sides, we are committed to the group’s future success.”

Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateEurope 2015 in London. Last month marked the company’s 25th birthday. With clients in 145+ countries, Temenos employs more than 4,600 people in 63 offices. The company has a market capitalization of $9.14 billion.

Avoka most recently demoed Transaction Insights at FinovateEurope 2017. Transaction Insights is a digital account opening tool that helps financial services companies measure where customers are spending time, making errors, requesting help, or abandoning their session. Headquartered in Colorado, Avoka has offices in London, England and Sydney, Australia. The company has digitized more than 100 million transactions for 150+ global clients. Prior to today’s acquisition, Avoka had raised $28 million.

Finovate Alumni News

On Finovate.com

  • Temenos Acquires Avoka in $245 Million Deal.
  • More Than $400 Million Raised by 19 Alums in Q3 2018.
  • ShopKeep Closes $65 Million to Boost Small Business Financing Tool.

Around the web

  • The Open Bank Project wins Best Technology Provider for Open API Standards at Global Open Banking Awards.
  • InComm partners with Revolut to offer their prepaid cards at U.K. retail chain wilko.
  • U.K.’s Experian to buy Africa’s Compuscan.
  • First Data and China CITIC Bank International to join forces with launch of new merchant acquiring solutions.
  • PayPal launches Xoom International money transfer in Canada.
  • Docutech and Tavant integrate for digitally-focused loan origination process.

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

  • Fighting Financial Crime with Feedzai’s Risk Ledger.
  • Finicity Automates Asset Verification for Princeton Mortgage’s SnapApp.

Around the web

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  • Avoka accepted into Symitar Vendor Integration Program, will integrate its Transact platform with Symitar Episys.
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  • Finastra opens new offices in Romania.

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.

Avoka Enables 40+ App Digitization for First Tech FCU

First Tech Federal Credit Union, a $12+ billion credit union based in San Jose, California, has leveraged technology from Avoka to deploy an omnichannel digital platform that digitizes account opening for more than 40 offerings. These include deposit accounts, home loans, credit cards, insurance and more. The result is an enhanced, more efficient experience for members and lower application abandon rates for the firm.

Mike Upton, chief digital officer at First Tech FCU, called the launch “transformational,” and the metrics readily support the claim. He noted that the new platform has enabled more than 2,300 applications from all channels to pass through the platform in the first week of operation. In the first few weeks after the launch, overall completion rates had rallied to 65%, well above industry averages which are closer to 20%. Additionally, using Avoka’s Insights analytics capability enabled First Tech to determine that the time required by its members to complete account opening applications had been reduced by nearly 50%.

“The results speak for themselves,” Avoka general manager for North America David Gaydon said. “As far as we can tell, no community bank or credit union in North America has as many product applications available online as First Tech Credit Union.”

Founded in 2002 and headquartered in Denver, Colorado, Avoka demonstrated its Transact Insights offering at FinovateEurope 2017. This summer, the company released its Springboard Deposit Account Opening Solution, an off-the-shelf technology that combines digital KYC, fraud and risk evaluation, and funding to enhance customer acquisition and onboarding. In May, RACQ Bank of Australia announced that it would partner with Avoka, bringing digital account opening to the world’s first automobile club to launch a bank. Also this spring, the company teamed up with Alpine Bank – a Colorado-based FI with more than $3.5 billion in assets, using its Avoka Transact platform to enhance account opening, loan application, and business onboarding processes.

Avoka has raised $28 million in funding, and includes Regal Funds Management, Moelis Australia Asset Management, and individual investor Roger Allen among its investors. Philip Copeland is CEO.

Avoka Unveils Springboard Deposit Account Opening Solution

Could Avoka make digital customer acquisition any easier? With the release of its Springboard Deposit Account Opening Solution, Avoka is offering FIs an off-the-shelf solution that integrates digital KYC, fraud and risk evaluation, and funding that will help them provide “outstanding customer acquisition and onboarding journeys.” In its announcement, Avoka cited Aite Group Senior Analyst Tiffani Montez who said the new solution “gives financial institutions a digital account opening and on boarding solution prebuilt with best-in-class customer experience and Fintech integration.”

Built on Avoka’s Transact platform, Springboard Deposit Account Opening leverages technologies from a number of partners to deliver a range of features. These include Data Pre-Fill, courtesy of an integration with Mitek’s Mobile Fill solution; Fraud Screening and Scoring via iovation’s FraudForce technology; and Risk Screening using ChexSystems’ Product Suite. Address Lookup and Instant Funding are also components of the new solution. The Springboard Deposit Account Opening Solution features configurable branding, decision rules, and deposit account type options, as well.

Avoka Chief Product Officer Steve Demchuk called digital account opening “the most rapidly changing capability on the U.S. retail banking landscape.” He cited a company report from earlier this year that pointed to a large and growing gap between the digital account opening capabilities of larger banks and those of smaller regional and community banks and credit unions. “It’s clear consumers already expect a first-class digital experience for deposit opening, so banks of all sizes must act fast to remain competitive,” Demchuk said.

At its most recent Finovate appearance – FinovateEurope 2017 – two-time Best of Show winner Avoka demonstrated the Transact Insights module of its Transact digital sales platform. Insights continuously optimizes the account opening journey by measuring and analyzing how customers progressing through the application process, noting areas of friction, requests for assistance, and even abandonment. This enables businesses to quickly spot problems in the process, make necessary changes, and then measure results.

Recent headlines for Avoka include the company’s partnership with RACQ Bank of Australia to enhance account opening and on boarding at the newly-launched financial institution – the first bank in the world to be opened by an automobile club. In April, Avoka teamed up with Alpine Bank, a Colorado-based bank with more than $3.5 billion in assets that will use the company’s Transact solution to support expansion and better serve current customers.

Avoka has raised $28 million in funding courtesy of rounds led by Moelis Australia Asset Management and professional investor Roger Allen. Philip Copeland is CEO.

Finovate Alumni News

On Finovate.com

  • Avoka Unveils Springboard Deposit Account Opening Solution.
  • German Banking Software Provider NDGIT Raises $4.7 Million in Series A Round.

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.

Finovate Alumni News

On Finovate.com

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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.

Finovate Alumni News

On Finovate.com

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Around the web

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  • Avoka sees positive trends for North American banks in its 2018 State of Digital Sales in Banking Report.

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.