Merchant Innovation

Avoka’s FinTech Approach To Customer Acquisition

Avoka, a software development company specializing in digital sales and service transactions, announced the launch of a new offering aimed at streamlining the customer onboarding process for retail financial institutions.

The company’s Avoka Transact Bundles product allows financial institutions and wealth managers to digitally setup new customers on multiple products from a single application.

“180 million product onboarding transactions are completed by retail financial institutions each year in the U.S. alone,” Avoka CEO Philip Copeland said in a company release. “But typically, each account or credit card requires a separate application, and the bank misses a huge opportunity to cross-sell multiple products at the time of initial account opening.”

By using Avoka Transact Bundles, banks are able to capture a customer’s information and connect them to multiple bank products they may be interested in at one time. A “bundle” of applications are then assembled and submitted on the customer’s behalf, without requiring duplicate information to be entered for each product.

According to Avoka, its latest offering enables banks to provide a unified customer experience that can be designed based on what the customer wants and has the potential to significantly increase cross-sell rates.

The Avoka Transact Bundles is part of Avoka’s omnichannel digital business platform called Avoka Transact for Financial Services, combining the company’s omnichannel customer engagement with the ability to analyze and possibly grow customer acquisition results.

Avoka Transact Bundles will be demonstrated at FinovateFall 2015, an annual conference held for startups and established companies within the banking and financial technology industry.

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About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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