Avoka on Springboard for deposit account opening
With the release of its Springboard Deposit Account Opening Solution, Avoka is offering FIs an off-the-shelf solution that integrates digital KYC, fraud and risk evaluation, and funding, reports David Penn at Finovate.
Built on Avoka’s Transact platform, Springboard Deposit Account Opening uses technologies from a number of partners to deliver a range of features.
These include Data Pre-Fill, courtesy of an integration with Mitek’s Mobile Fill solution; Fraud Screening and Scoring via iovation’s FraudForce technology; and Risk Screening using ChexSystems’ Product Suite. Address Lookup and Instant Funding are also components of the new solution. The Springboard Deposit Account Opening Solution features configurable branding, decision rules, and deposit account type options, as well.
Avoka chief product officer Steve Demchuk calls digital account opening “the most rapidly changing capability on the US retail banking landscape”.
He cites a company report from earlier this year that pointed to a large and growing gap between the digital account opening capabilities of larger banks and those of smaller regional and community banks and credit unions.
“It’s clear consumers already expect a first-class digital experience for deposit opening, so banks of all sizes must act fast to remain competitive,” Demchuk says.
Recent headlines for Avoka include the company’s partnership with RACQ Bank of Australia to enhance account opening and on boarding at the newly-launched financial institution – the first bank in the world to be opened by an automobile club.
In April, Avoka teamed up with Alpine Bank, a Colorado-based bank with more than $3.5 billion in assets that will use the company’s Transact solution to support expansion and better serve current customers.
Avoka has raised $28 million in funding courtesy of rounds led by Moelis Australia Asset Management and professional investor Roger Allen. Philip Copeland is CEO.