Avoka Provides Digital Account Opening Solutions to RACQ Bank

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Australia’s RACQ embraces Avoka’s leading technology to offer financial services to its 1.6 million customer base

“Working with Avoka, RACQ Bank now has the modern banking tools that allow us to offer digital platforms equal to any major bank.” Greg Booker, RACQ Chief Information Officer

Avoka, the global leader in customer acquisition journeys in banking, announced it was chosen by the diversified Australian motoring group RACQ as the account opening and onboarding platform for its newly launched RACQ Bank.

In September last year, RACQ became the world’s first automobile club to launch a bank, forming RACQ Bank following a merger with QT Mutual Bank as part of its commitment to broaden its portfolio offering and strengthen its relationship with its more than 1.6 million members throughout Queensland.

“RACQ successfully launched a new line of banking products to its customers using Avoka technology. Working with Avoka, RACQ Bank now has the modern banking tools that allow us to offer digital platforms equal to any major bank,” RACQ Chief Information Officer Greg Booker said.

RACQ Bank customers now have an alternative to traditional banks with access to personal banking products with competitive rates and exceptional service, Mr. Booker added.

Avoka Chief Executive Phil Copeland said there is significant opportunity for Avoka’s technology to be used by companies that are disrupting the status quo.

“Avoka is now an essential part of the glue that banks and their challengers need to secure their customer base by providing the user-friendly technology they now expect to be available at the start of any banking relationship,” said Mr. Copeland.

“Our innovative products are experiencing solid demand from financial services firms around the world. While their business model is different, traditional banks and start-ups are both aware of the need to impress customers as early as possible while also making internal processing of account applications as simple and efficient as possible,” Copeland added.

Working on RACQ’s tight schedule, Avoka was engaged to deliver a seamless digital sales process across four retail banking products – personal loans, transaction accounts, saving accounts and home loan inquiries.

“Avoka is excited to be working with RACQ and looks forward to providing further digital enhancements with our Avoka Transact platform to improve their operations and build even more engagement with their members,” said Will Beaumont, Avoka’s General Manager, Australia & New Zealand.

Avoka has also been engaging with RACQ’s insurance arm to enhance the digital servicing of customer’s insurance claims, which will allow members to submit claims online for various motor related incidents.

About Avoka

Avoka creates customer acquisition and onboarding journeys in financial services and other industries, enabling outstanding experiences that accelerate customer acquisition and time to market. Avoka was founded in 2002 and has digitised over 100 million transactions for 150+ global clients. Avoka is based in Denver, CO, London, England and Sydney, Australia. Visit us at https://www.avoka.com/.

About RACQ

RACQ is Queensland’s largest club and peak independent motoring organisation. RACQ was formed in 1905 to represent the interests of the State’s first motorists and today campaign for safer drivers, vehicles and roads on behalf of almost 1.7 million members who own the Club. RACQ offers members a vast range of motoring, insurance, banking, lifestyle and travel services and each year respond to more than a million calls for roadside assistance.

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Bar Cudkevich
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