Avoka, an Australia-based developer of cloud-based digital business platform, has launched Transact Insights, a real-time analytics module designed to improve wealth management customer acquisition.

The module is aimed at slashing digital account opening abandonment, which exceeds 85% for many financial firms.

The newly launched platform will analyse points of friction in digital account opening forms and provide intelligence to wealth managers and retail banks that will enable them to achieve more successful onboarding over digital channels, the company said.

It will also capture customer behavior to drive detailed transaction analytics, identify problem areas and allow changes to onboarding processes.

Similar to Google Analytics for account opening and onboarding, the platform will measure where customers spend time, make errors, or abandon their sessions, the company added.

Commenting on the launch, Avoka chief executive Philip Copeland said: “We’re excited to be launching our most sophisticated digital sales platform ever. Insights in particular adds a significant degree of business agility for our financial services clients, giving them the customer insights they need to understand the causes of abandonment, rapidly make improvements and immediately see results.

“The addition of real-time intelligence for exploring why customers are abandoning the onboarding process, through Insights, has the potential to transform the way financial services institutions take on new customers in the future.”

Transact Insights is available to institutions running the concurrently announced Avoka Transact 5, which offers access to the advanced capabilities and greater extensibility while retaining full compatibility with existing Transact forms.