Temenos acquires Avoka, jumping on the rapidly digitising US banking sector that the local SaaS vendor has cracked.
Avoka is best known for its customer onboarding suite of solutions. For Temenos, it’s certainly one of the most lucrative software sales of the year.
As Temenos acquires Avoka, it will strenghten its Digital Front Office product which boasts over 300 banking clients.
Aiming to provide banks with a single solution for their omni-channel digital banking needs, the Avoka platform will integrate with the Temenos Digital Front Office product.
Avoka has over 85 customers that are mostly served through a SaaS model hosted on the cloud. It serves all key banking segments including retail, corporate and wealth.
The company was founded in Australia. It supports a growing customer base with both top tier and mid-market banks across Europe, Australia and US. It has over 270 employees in offices across the US, UK and Australia.
The Avoka platform is built to create omni-channel customer acquisition and on boarding solutions. Those solutions will enable banks to create simple customer-friendly experiences that improve conversion rates.
Avoka clients such as a top tier bank increased new account opening by 60%. Furthermore they shortened customer time to onboard by nearly 70%.
Briony Richter gets the exclusive from product director, digital for Temenos, Darryl Proctor:
“This is an exciting development for Temenos. We expect that this acquisition will enhance our Digital Front Office product, which is an omni-channel offering that delivers a seamless digital customer experience through a number of frictionless user journeys, predefined and customisable.
“Avoka has an award-winning platform with over 85 customers and excellent traction with clients in Europe, Australia and particularly the US, which is of significant importance in our strategy. It also maintains strong relationships with global blue-chip institutions like Citi, HSBC, BankWest and Westpac.
“Apart from its innovative technology Avoka also brings a strong team that is immersed in digital and also has strong cloud expertise.”
Temenos digital offering
Temenos transforms a bank’s system to become digitised. This requires modernising its core processing. Financial institutions across the world are faced with issues with outdated legacy systems that are becoming a thing of the past.
During this acquisition, Temenos will continue to bring innovative capabilities to its Digital Front Office product that includes origination, channels, analytics, payments, risk and compliance and real-time event based marketing services. All of these can be deployed either on premise or in the cloud.
Chief financial officer and chief operating officer at Temenos, Max Chuard, said: “This is a highly strategic acquisition for Temenos as it not only reinforces our leadership position within the Digital Front Office space but it also strengthens our capabilities in the US market where we are seeing significant traction as banks accelerate their digital transformation plans.
“Avoka is a market leader and is experiencing strong growth as banks invest in creating outstanding customer acquisition and onboarding experiences. The combination of Avoka’s capabilities along with the extensive Temenos Digital Front Office product offers banks the most complete set of services which through APIs can be easily integrated either with the market leading Temenos T24 Core Banking product or as a standalone on a third party banking system.
“These are truly exciting times. We look forward to offering banks a faster route to creating seamless digital customer experiences.”