Two organizations serving credit unions head to a deal. Banking software company Geneva, Switzerland-based Temenos acquired SaaS vendor Avoka, which specializes in digital customer acquisition and onboarding, for $245 million.
The transaction is due to be completed by early first quarter 2019 and is subject to regulatory approvals.
Avoka's platform will be integrated with the Temenos Digital Front Office product, which has over 300 banking clients, providing banks with a comprehensive single solution for their omnichannel digital banking needs, according to an announcement.
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Temenos' Digital Front Office product includes origination, channels, analytics, payments, risk and compliance and real-time event-based marketing services all of which can be deployed either on-premise or in the cloud. Temenos offers financial institutions a complete set of services through its T24 core banking product or as standalone APIs in a third-party banking system.
Avoka has more than 85 customers largely served through a software-as-a-service model hosted on the cloud including retail, corporate and wealth banking segments. Avoka is built for creating omnichannel customer acquisition and onboarding solutions allowing financial institutions to create customer-friendly experiences.
Philip Copeland, CEO, Avoka, based in Denver, London, England, and Sydney, Australia, said: "Avoka is the recognized leader for customer acquisition and onboarding. By combining our strengths with Temenos' expertise and reach, we will expand our scope and scale to deliver winning omni-channel, digital experience solutions."
Last summer, Temenos, whose main U.S. office is in Malvern, Pa., leveraged the company's partnership with the Atlanta-based IDology to offer credit unions selfie verification technology by integrated its Lifecycle Management Suite into IDology's ExpectID platform, a solution that supports photo identification scans with facial recognition for account and loan origination. Temenos indicated credit unions can deploy the LMS and Virtual Capture in-house or as a cloud-based offering.
In November the $12.3 billion San Jose, Calif.-based First Tech Federal Credit Union successfully deployed an omnichannel digital platform using Avoka Transact – a digital transformation platform built for acquisition and onboarding journeys – to create an enhanced member experience for over 40 of their products. Avoka designed the customer engagement platform system to enhance service and efficiency for both existing and prospective members, minimizing the input required from applicants during the application process.
Earlier this month Avoka, announced it joined the Symitar Vendor Integration Program. Participation in the program enables the Avoka Transact platform to integrate with the Symitar Episys core system. Avoka also announced the availability of SymXchange-based integration to its customers as part of the Avoka Exchange, a catalog of pre-integrated fintech applications.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
