Avoka, a Temenos Company, Introduces Workspaces for Retail Banking

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Workspaces enhances Temenos Infinity by simplifying and accelerating Straight-Through Processing (STP) for digital account opening

“Orchestrating a fast, accurate, and collaborative decisioning process is a critical aspect of an applicant’s customer journey.” Steve Demchuk, Chief Product Officer, Avoka, a Temenos Company

Avoka, a Temenos company and SaaS leader in digital customer journeys in banking, today 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 omni-channel 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 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.

About Avoka
Avoka, now part of Temenos, creates customer acquisition and onboarding journeys for account opening, lending applications, and business onboarding. In December 2018 Avoka was acquired by Temenos, the banking software company, and the Avoka platform is now part of Temenos Infinity, the Digital Front Office product with more than 300 banking clients worldwide. As part of Temenos, Avoka maintains its principal operations in Denver, CO; London, England; and Sydney, Australia. For more information please visit http://www.avoka.com.

About Temenos
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver both consistent, frictionless customer journeys and gain operational excellence. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit http://www.temenos.com.

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