Steve Demchuk

Avoka, a Temenos company and SaaS leader in digital customer journeys in banking, has announced the launch of Workspaces, a new module of the Avoka platform within the Temenos Infinity product.

Workspaces is a digital review and approval workspace for retail banking and credit union staff, built to support resolution and customer service for account opening and onboarding.  The new module is included with all implementations of the Avoka platform within Temenos Infinity, which includes Springboard Retail Deposit Account Opening, and is available today worldwide. Avoka was acquired by Temenos in December 2018. Avoka capabilities are now options of the newly announced Temenos Infinity, Temenos’ groundbreaking omni-channel digital front office product.

Frequently, applications submitted for Straight Through Processing (STP) by a prospective customer to a bank for a deposit, loan, credit card or other type of account cannot be immediately approved or declined, and these Pended applications are Referred to bank staff for attention.  Efficient resolution and assistance for customers is an essential part of omnichannel customer acquisition. Workspaces is used by bank staff to enhance the customer experience and improve productivity during the Referral process, often a source of onboarding delays and customer dissatisfaction. Temenos Infinity Springboard is the only Deposit Account Opening solution with an integrated staff workspace for resolving Pended applications.

“Orchestrating a fast, accurate, and collaborative decisioning process is a critical aspect of an applicant’s customer journey,” said Steve Demchuk, Chief Product Officer, Avoka, a Temenos Company. “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. Workspaces ties application review and live customer service directly into the digital account opening process, rather than requiring separate systems. This is key to providing excellent service to prospective customers.”

Workspaces is used by bank staff to address these essential steps in the customer acquisition and onboarding journey:

• Provides an efficient digital referral process applications that are not immediately Approved or Declined
• Filters and assigns applications to queues for bank staff review based on criteria such as workloads, decision status, risk, or incomplete application data
• Creates a simple digital workspace for staff members to organize each application and check all supporting documents
• Resolves Pended applications with final decision and allows the bank to continue the customer onboarding process
• Provides a customizable solution for bank staff to manage the referral process

Avoka, which is part of Temenos Infinity, is a customer engagement platform, purpose-built for bank and credit union member acquisition and onboarding journeys, including account opening, loan applications and business onboarding. Avoka products are now optional components of Temenos Infinity, a cloud-native omni-channel suite of products for the banking digital front office.

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Philip Copeland

Avoka, the developer of the leading platform dedicated to outstanding digital customer acquisition and onboarding journeys in banking, said it was excited to be included in the Australian Financial Review’s Fast 100 List for 2018.

Avoka has enjoyed three straight years of rapid growth as players in key Australian and overseas markets embrace bank customer acquisition and onboarding technology.

Its most recent financial results featured a record 70% growth surge in the North American market, underpinning a similar rise in global product revenues.

“Avoka is proud to be recognised for its dynamic journey so far. Placing at number 52 on the Fast 100 List is a credit to all our hard-working staff in Australia, North America and Europe,” said Philip Copeland, Avoka’s co-founder and CEO.

“There’s been a momentum shift among banks around the world taking advantage of the rising importance of digital customer acquisition and making their customers’ online experience the most rewarding it can be,” Mr Copeland said.

“Our success has come as the banks recognise they need specialist providers like Avoka to deliver on that aspiration – and help them do so faster than their competitors,” he added.

Mr Copeland said the onboarding capability and market-leading technology that Avoka provides to banks and other financial services companies around the world is being increasingly recognised, with the company named in August as one of Westpac’s Top 20 “Businesses of Tomorrow”. He said this technology is also building a significant global footprint for Avoka as it helps banks turn the challenge of digital sales transformation into a competitive advantage.

Copeland himself was also recognised as Entrepreneur of the Year at the Fintech Business Awards earlier this year, which acknowledged the leading individuals and organisations fostering a culture of innovation in Australian fintech.

Founded 16 years ago in the Sydney beachside suburb of Manly, the fintech company now has operations in Australia, North America, and across Europe.

Success during the year was driven by strong expansion of projects at existing large banks, ranging from business bank onboarding and KYC (‘know your customer’) to retail credit card customer acquisition. In the last 12 months its worldwide team has also increased by 48%.

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