The Digital Transformation Blog

Ideas impacting customer acquisition and business agility in financial services, government and other industries.

account opening solutions

6 Common Pitfalls of Building vs. Buying Account Opening Solutions

As you consider digitizing your account opening process, your IT team must deliberate on the critical question, should we build it ourselves or buy a ready-to-go solution? It’s an important question, because designing and implementing a digital sales channel is far more complex than you might...

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finovate fall 2016

Avoka to Present at FinovateFall 2016

We are excited to announce that Avoka has been named a presenter once again at FinovateFall 2016! According to Finovate, this was “the most competitive application pool” in their 10 year history, with a final list of 72 presenting companies ranging from block-chain technology startups to...

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2016 Trends in Digital Wealth Management

The wealth management industry has changed drastically with the advent of digital, and many firms have either dropped out of the industry all-together, or have focused their attention on high net-worth individuals where they see more profitability. Unfortunately, this strategy solves short-term...

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digital banking transformation

5 Keys to a Successful Digital Banking Transformation

Transforming a traditional bank into a truly digital bank is no small task. And many banks will not make the metamorphosis successfully.  In fact, Francisco González, BBVA Chairman, says “The next 20 years will see the world go from 20,000 ’analog’ banks to no more than several dozen...

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loan application best practices

Loan Application Best Practices that Drive High Completion Rates

Implementing a simplified loan application process is a big step towards a streamlined client onboarding experience and increasing existing customers’ satisfaction. Supporting online or mobile loan applications isn’t just a fad: at Randolph Brooks FCU, members acquired online are 49% more...

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customer engagement in banking

Customer Engagement in Banking: 4 Best Practices for Doing it Well

As you set your bank’s strategic goals, don’t forget to add customer engagement to the top of your list. Why focus on engagement?  Studies clearly show that engaged customers are better customers – both in terms of profitability and recommending your bank’s services to others.  Customer...

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Account Opening Trends

4 Big Account Opening Trends You Don’t Want to Miss

As retail banks seek to stay relevant, especially to younger consumers such as millennials, embracing new methods for account openings becomes critical.  With the ubiquity of mobile devices, consumers now expect the account opening process to be easy rather than onerous. Account Opening Trends...

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12 Steps to Reducing Customer Onboarding Friction and Abandonment

At Avoka, we are focused on helping financial institutions create frictionless customer onboarding experiences. With our 10+ years of experience, we've learned a few key lessons about the best ways to reduce friction and abandonment rates in wealth management application processes. In this blog,...

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digital customer acquisition strategy

Why Adopt a Digital Customer Acquisition Strategy? One Word: Millennials

According to research by  Fair Isaac, 52% of consumers ages 18-34, aka the ‘millennials’, are already using or very likely to use non-traditional payment companies like PayPal or Venmo in the next 12 months and 18% are using mobile payments like ApplePay. These digital natives are highly...

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Digital Banking Innovations

5 Critical Digital Banking Innovations You Don’t Want to Ignore

70% of potential checking account applicants say they would prefer to submit a digital application over a physical one if given the choice. The good news is that while most banks offer online account opening, only 17% of the largest banks in the US, UK, and Australia offer a true mobile new...

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