Avoka is launching Workspaces for retail banking, 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. Specifically, it is designed to support resolution and customer service for account opening and onboarding.

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The new module includes all implementations of the Avoka platform within Temenos Infinity including Springboard Retail Deposit Account Opening.

Avoka acquired by Temenos

Temenos acquired Avoka last December in a deal worth $245m.

Avoka capabilities are now options of the newly announced Temenos Infinity, Temenos’ omni-channel digital front office product.

Frequently, new account applications submitted for Straight Through Processing cannot be immediately approved or declined.

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Accordingly, such pended applications are then referred to bank staff for attention.  Efficient resolution and assistance for customers is an essential part of omnichannel customer acquisition.

In particular, Workspaces for retail banking is used by bank staff to enhance the customer experience. Moreover, it improves productivity during the referral process, often a source of onboarding delays and customer dissatisfaction.

Temenos says its Infinity Springboard is the only deposit account opening solution featuring integrated staff workspace for resolving pended applications.

Steve Demchuk, Chief Product Officer, Avoka says orchestrating a fast, accurate, and collaborative decisioning process is critical to optimise onboarding.

“We validated this as an important problem to solve for customers in removing costly delays in account acquisition. Workspaces ties application review and live customer service directly into the digital account opening rather than requiring separate systems. This is key to providing excellent service to prospective customers,” says Demchuk.

Workspaces for Retail Banking: key features:

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

Avoka’s total revenue grew by around 30% in 2018 and is expected to grow at the same rate in 2019 to $50m.

About 50% of Avoka revenue is derived from recurring SaaS product revenue.