Avoka’s genesis is rooted in addressing the challenges behind high abandonment rates typically present in digital on-boarding products. In a high-octane effort to take the burden off their plate, Avoka’s platform acts as a conduit to help banks sign up and on-board more customers; capture more successful loan applications; improve their revenue; and decrease the abandonment rate that translates to an increase in customer acquisition across multifarious channels.
First off, the platform—Avoka Transact—eliminates in-house infrastructure and the time taken for web-development, amid designing constraints. Secondly, the cloud-hosted server application makes enforcement of changes or new business rules much easier, avoiding the need to make complex code changes. Built on a user interface that delivers a frictionless user experience, Avoka Transact is unique in that it responds to the end-consumer’s precise needs as much as it does to its banking customer.
Avoka begins with directing bank customers seamlessly from the bank website to the Avoka platform to manage the transaction between “Apply Now” and the submission of a completed account opening form. “While the transaction is in process, which could be minutes or weeks, the data is secured and the progress can be tracked by the bank,” illustrates Bergal. It is important to note that separate instances of Avoka Transact are allocated for different banks in the cloud platform to avoid commingling of confidential information.
The most important benefit is the agility to come to market fast, and to make rapid changes based on measured results
The most recent version of the platform, “Avoka Transact 5” incorporates additional features namely “Transact Insight,” “Transact Maestro,” and a set of APIs to enhance the value of the offering. Transact Insight is an analytics module that identifies end-user behaviors and specific pain points. Whereas, the Maestro design tool enables creation of the user experience allowing necessary changes to be made in the user interface swiftly on the basis of customer requirements. A set of APIs is also ingrained in Transact 5 to assist software developers to add any other additional service. Armed with cutting-edge features, Avoka Transact and Transact 5 together account for scalability and flexibility of digital customer acquisition services.
With state-of-the-art security features, Avoka’s cloud solutions have extended their usage beyond banks to retail and commercial financial institutions, wealth management firms, and even insurance companies. Avoka delivers outstanding and quick solutions to its clients, which is backed by adept customer service that has kept them ahead of the competition. The firm believes in making the business processes within a bank agile so that they can concentrate more on the business development front. Results include 40 percent increase in converted prospects and a 19-day reduction in three-week commercial customer bank on-boarding.
To attain persistent growth in future, Avoka aims to extend their innovative services to more global locations. It is this culture of continual innovation in areas of digital banking sales and services and a constant endeavor to be ahead of technology advancements that has earned Avoka its prominent reputation.