Temenos’ Avoka finds workspaces for retail banking
Workspaces for Retail Banking is the first offering from digital customer experience specialist Avoka since the company was acquired by Temenos in a $245 million deal in December, reports David Penn at Finovate.
A new module within the Temenos Infinity product, Workspaces gives professionals at retail banks and credit unions a digital review and approval workspace to provide better support and service during customer account opening and onboarding.
The new solution will be especially helpful for financial services professionals when dealing with applications submitted via straight through processing (STP) that can neither be immediately approved or declined.
Workspaces is built to improve the efficiency and productivity of the resolution process necessary to manage these pending applications, helping bank staff avoid delays and negative customer engagement.
Steve Demchuk, chief product officer for Avoka, a Temenos company, explains: “We validated this as an important problem to solve for our bank and credit union customers as they look to remove costly delays in account acquisition.”
Demchuk added that making application review and live customer service a part of the digital account opening process – instead of relying on separate systems – was a major innovation with Workspaces.
With offices in Denver as well as London and Sydney, Avoka has digitised more than 100 million transactions for more than 150 clients around the world.
With customers in more than 145 countries, Temenos announced a partnership with Credorax earlier this week, helping the payments firm provide SME, merchant acquiring, and cross-border payment services.
Last month, Temenos partnered with Bloomberg to help provide contingency net asset value (NAV) calculations to buy-side institutions.
Headquartered in Geneva, Temenos was founded in 1993.