Avoka Springboard Solution simplifies deposit account opening

Digital customer acquisition solutions provider Avoka believes its latest release will allow users to acquire and onboard customers with thorough KYC assurance.

Now available, the Avoka Springboard Deposit Account Opening (DAO) solution. Banks can now offer their customers and prospects outstanding customer acquisition and onboarding journeys with the speed-to-market of an off-the-shelf solution with integrated digital KYC, fraud and risk evaluation, and funding.

Springboard Deposit Account Opening, built on the Avoka Transact platform, captures Avoka’s best-practice retail deposit opening experience, along with fintech services for essential fraud detection, ID verification, and funding services, into a pre-built solution for fast and cost-effective implementation.  It includes configurable branding, look and feel, decision rules, and deposit account type options, while delivering a pre-tested solution to achieve rapid time-to-market.

Avoka developed the Springboard Solution for Deposit Account Opening in direct response to market need from smaller financial institutions like community banks, regional banks and credit unions, which have increasingly prioritized the need for a streamlined and effective omnichannel digital onboarding and digital customer experience.

“Digital account opening is the most rapidly changing capability on the US retail banking landscape,” Avoka chief product officer Steve Demchuk said. “In April 2018, we published research documenting a widening gap between the largest banks that have deployed digital account opening for retail deposit accounts, and the range of national, regional and community banks and credit unions that have not.  For those institutions not yet offering a first-class customer experience for deposit opening, they must act quickly to remain competitive.”

“Springboard Deposit Account Opening gives financial institutions a digital account opening and onboarding solution prebuilt with best-in-class customer experience and finch integration,” Aite Group senior analyst Tiffani Montez said. “The integrations with third party fintech service providers that can qualify and decision applications coupled with an extensible platform provides financial institutions the flexibility to deliver a differentiated customer experience.”

Fintech integrations

Avoka Springboard Deposit Account Opening includes third-party fintech service integrations, essential components of a frictionless digital account opening experience:

  • Mitek – ID document capture and pre-fill using Mobile Fill. Rather than manually enter their identity information, applicants can take a photo of an identity document to pre-fill application forms. The solution is designed to increase the number of applications submitted with a mobile device by significantly reducing data entry requirements.
  • Address Lookup and fill for applicants choosing not to photograph their ID is facilitated with Google Maps Look-up. Valid addresses in standard format are presented to the applicant and pre-filled error-free.
  • Fraud screening and scoring using Iovation FraudForce.  Early in the application, the integration with Iovation analyzes device behavior, device risks and anomalies, device reputation, and device associations. Configurable business rules in the Springboard DAO decision engine allow banks to approve or route the application to a queue for review.
  • Risk screening using ChexSystems Product Suite assesses accuracy of identity information, validates identity with a personal background questionnaire, and provides a behavioral risk score on which demand deposit account opening decisions can be made by the Avoka decision engine.
  • Instant Funding options are built into Springboard DAO.  When funding from a bank account, an integration with Plaid verifies bank accounts in real-time to enable ACH transfers.  Funding from debit card or credit card is accomplished by Vantiv WorldPay.

“New entrants in the banking market are redefining the customer experience, resulting in banks not only competing against each other, but also these new players, who are often more agile and offer the latest in technological innovation,” Mr. Demchuk said. “Consumers continue to expect more from the organizations they work with, including their financial institution.  Banks unable to meet these high demands for an easy experience face abandonment rates well around 70 to 85 per cent.”

Springboard DAO leverages the Avoka Transact platform, which is built to design, manage, and optimize customer acquisition journeys for financial institutions.  Springboard DAO allows banks to easily deliver omnichannel customer acquisition experiences, which enable customers to start a product application in one channel and finish in another, or at a later time, with no information lost and no need for login or password creation. Application abandonment is a challenge for banks trying to sell new products and affects the bottom line; an easy and seamless omnichannel experience for bank customers is vital to increasing conversion rates and revenue.