Avoka Introduces Springboard Solution for Deposit Account Opening

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Newest offering is a packaged, omnichannel Digital Account Opening solution for US banks upgrading to a best practice CX, with integrated fraud and risk evaluation

“Springboard Deposit Account Opening gives financial institutions a digital account opening and onboarding solution prebuilt with best-in-class customer experience and Fintech integration."Tiffani Montez, Senior Analyst, Aite Group

Avoka, the leader in digital customer acquisition journeys in banking, today announced the Avoka Springboard Deposit Account Opening (DAO) solution. Banks can now offer their customers and prospects outstanding customer acquisition and onboarding journeys with the speed-to-market of an off-the-shelf solution with integrated digital KYC, fraud and risk evaluation, and funding. The Avoka Springboard Deposit Account Opening solution is available today.

Springboard Deposit Account Opening, built on the Avoka Transact platform, captures Avoka’s best-practice retail deposit opening experience, along with Fintech services for data pre-fill, essential fraud detection, ID Verification, and funding services, into a pre-built solution for fast and cost-effective implementation. It includes configurable branding, look and feel, decision rules, and deposit account type options, while delivering a pre-tested solution to achieve rapid time-to-market.

“Springboard Deposit Account Opening gives financial institutions a digital account opening and onboarding solution prebuilt with best-in-class customer experience and Fintech integration. The integrations with 3rd party Fintech service providers that can qualify and decision applications coupled with an extensible platform provides financial institutions the flexibility to deliver a differentiated customer experience,” said Tiffani Montez, Senior Analyst, Aite Group.

Avoka developed the Springboard Solution for Deposit Account Opening in direct response to market need from smaller financial institutions like community banks, regional banks and credit unions, which have increasingly prioritized the need for a streamlined and effective omnichannel digital onboarding and digital customer experience.

“Digital account opening is the most rapidly changing capability on the US retail banking landscape. In April 2018, we published research documenting a widening gap between the largest banks that have deployed digital account opening for retail deposit accounts, and the range of national, regional and community banks and credit unions that have not. 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,” said Steve Demchuk, Chief Product Officer, Avoka.

Fintech Integrations
Avoka Springboard Deposit Account Opening includes third-party FinTech service integrations, essential components of a frictionless digital account opening experience:

  • - Data pre-fill with Mitek’s Mobile Fill® allows applicants to skip cumbersome manual steps to enter personal information. Applicants can take an image of their driver’s license or other identity document and data is instantly pre-filled into an application form. This improves the user experience, data accuracy and minimizes abandonment.
  • - Address Lookup and fill for applicants choosing not to photograph their ID is facilitated with Google Maps Look-up. Valid addresses in standard format are presented to the applicant and pre-filled error-free.
  • - Fraud screening and scoring using iovation FraudForce. Early in the application, the integration with iovation analyzes Device Behavior, Device Risks & Anomalies, Device Reputation, and Device Associations. Configurable business rules in the Springboard DAO decision engine allow banks to approve or route the application to a queue for review.
  • - Risk screening using ChexSystems® Product Suite assesses accuracy of identity information, validates identity with a personal background questionnaire, and provides a behavioral risk score on which demand deposit account opening decisions can be made by the Avoka decision engine. ChexSystems® is a registered trademark of Chex Systems, Inc.
  • - Instant Funding options are built into Springboard DAO. When funding from a bank account, an integration with Plaid verifies bank accounts in real-time to enable ACH transfers. Funding from debit card or credit card is accomplished by Vantiv, now WorldPay.

“We are pleased to partner with Avoka to offer an end-to end digital account opening solution including Mitek data pre-fill components for small to medium size banks and credit unions,” said Steve Craig, Director of Product Management, Mitek. “This platform will enable banks to improve their competitive position by leveraging best-in-class technology used by the largest global banks.”

Springboard DAO leverages the Avoka Transact platform, which is built to design, manage, and optimize customer acquisition journeys for financial institutions. Springboard DAO allows banks to easily deliver omnichannel customer acquisition experiences, which enable customers to start a product application in one channel and finish in another, or at a later time, with no information lost and no need for login or password creation. Application abandonment is a challenge for banks trying to sell new products and affects the bottom line; an easy and seamless omnichannel experience for bank customers is vital to increasing conversion rates and revenue.

“New entrants in the banking market are redefining the customer experience. Banks are now not only competing against each other, but also against these new entrants, who are often more agile and offer the latest in technological innovation. Consumers continue to expect more from the organizations they work with, including their financial institution. Banks unable to meet these high demands for an easy experience face abandonments rates well around 70-85%,” Demchuk added.

About Avoka
Avoka creates customer acquisition and onboarding journeys in financial services, government, and other industries. For account opening, lending applications, and business onboarding, Avoka Transact creates outstanding experiences that accelerate customer acquisition and time to market. Avoka was founded in 2002 and has digitized over 100 million transactions for 150+ global clients. Avoka is based in Denver, CO; London, England; and Sydney, Australia.

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Bar Cudkevich
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