« Prev. Post Blog Main Page » Next Post August 22, 2017 — By Don BergalBank Innovation—Real World Results and Success There is no lack of rhetoric around the ‘disruption of the banking industry.’ Some industry observers believe banks will be overcome by technology companies, while others believe that the incumbent banking organizations are transforming themselves to be more agile, leveraging technology and blazing a new trail of bank innovation that works for them and their customers.Financial institutions are focused on strategic digital transformation. Until now, they have been forced to build tailor-made applications to put key functions online – functions such as account opening, or loan and credit card applications. These projects are high risk, take many months or years to deliver, and are inflexible in changing markets – stifling innovation before it becomes a reality. Avoka solves that problem. Our cloud-based platform, Avoka Transact, enables financial institutions to come to market rapidly, slashing the cost and risk of building account opening and onboarding applications. And once built, banks can analyze results and iterate quickly, yielding continuous measured improvement of customer conversion and onboarding experience.As a FinTech enabler, Avoka provides the technology platform and customer experience expertise to help banks move forward with their digital initiatives. Avoka is an ally to banks in their quest for improved innovation, enabling them to achieve their digital transformation targets. Our customers have experienced great success with their quest for innovation; we have detailed a few stories below to act as an inspiration to those thinking about taking the next step.Business Banking Made Easy, WorldwideA global, top 20 bank based in the UK was experiencing customer onboarding time of over 40 days for business banking products. When a medium or large business customer tried to open an account or add new products to an existing relationship, the process was completely manual and paper-based. Over the past year, this bank worked with Avoka to deliver a new Omnichannel onboarding system across 26 countries, uniting the account managers, back office processing, and the executives of the customer enterprise in a new digital process. Pre-filled forms, save & resume, and digital signatures, presented across desktop and mobile devices in branch and in the hands of the customer, led to drastic improvements in the bank onboarding. When the first phase of the project went live after nine months, the bank had achieved annual savings of $13.5M, a 75% reduction in customer effort, and cut the time to complete onboarding from 40 days to 60 minutes.39% Increase in DDA ApplicationsThe retail banking arm of one of the largest North American banks selected Avoka to help innovate customer acquisition and onboarding for checking and savings accounts. The product introduced a drastically simplified customer experience for “new to bank” applicants. The bank introduced multiple innovations, including mobile photo integrated identification, a 50% reduction the number of application pages by half, a 60% reduction in the number of fields required, and immediate account opening confirmation with test deposit. The resulting improvements include a 39% increase in the rate of new application submissions and a 57% reduction in “pending” applications, which are submitted but not immediately approved by the bank due to incomplete information. As a result, the bank gains not just more applicants, but a higher proportion of approved applicants and lower manual processing of non-standard applications.If you are interested in learning more about how your bank can use technology innovation to grow new digital accounts and increase revenue, we invite you to watch this webinar. Alyson Clarke, Forrester Research, discusses how to overcome challenges when going digital to improve the overall customer experience. Banking Customer Experience, Retail Banking, Commercial Banking Don BergalDon is CMO, building and leading worldwide marketing at Avoka. He has a successful 25 year record of growing technology businesses in marketing, operations, and sales management, particularly with early stage and high growth companies.