Springboard Deposit Account Opening, built on the Avoka Transact platform, captures Avoka’s retail deposit opening experience, along with fintech services for essential fraud detection, ID verification, and funding services, into a pre-built solution for fast and cost-effective implementation. It includes configurable branding, look and feel, decision rules, and deposit account type options, while delivering a pre-tested solution to achieve rapid time-to-market.
Avoka developed the Springboard Solution for Deposit Account Opening in direct response to market need from smaller financial institutions like community banks, regional banks and credit unions, which have increasingly prioritized the need for a streamlined and omnichannel digital onboarding and digital customer experience.
Avoka Springboard Deposit Account Opening includes third-party fintech service integrations, essential components of a frictionless digital account opening experience:
Mitek – ID document capture and pre-fill using Mobile Fill. Rather than manually enter their identity information, applicants can take a photo of an identity document to pre-fill application forms. The solution is designed to increase the number of applications submitted with a mobile device by significantly reducing data entry requirements.
Address Lookup and fill for applicants choosing not to photograph their ID is facilitated with Google Maps Look-up. Valid addresses in standard format are presented to the applicant and pre-filled error-free.
Fraud screening and scoring using Iovation FraudForce. Early in the application, the integration with Iovation analyzes device behavior, device risks and anomalies, device reputation, and device associations. Configurable business rules in the Springboard DAO decision engine allow banks to approve or route the application to a queue for review.
Risk screening using ChexSystems Product Suite assesses accuracy of identity information, validates identity with a personal background questionnaire, and provides a behavioral risk score on which demand deposit account opening decisions can be made by the Avoka decision engine.
Instant Funding options are built into Springboard DAO. When funding from a bank account, an integration with Plaid verifies bank accounts in real-time to enable ACH transfers. Funding from debit card or credit card is accomplished by Vantiv WorldPay.
Springboard DAO leverages the Avoka Transact platform, which is built to design, manage, and optimize customer acquisition journeys for financial institutions. Springboard DAO allows banks to deliver omnichannel customer acquisition experiences, which enable customers to start a product application in one channel and finish in another, or at a later time, with no information lost and no need for login or password creation.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now