The Customer Effect

After Temenos acquisition, Avoka pushes hard on the growth button

  • Late 2018, core banking software firm Temenos bought Avoka.
  • The combined entity is focused on expanding Temenos in the U.S.
close

Email a Friend

After Temenos acquisition, Avoka pushes hard on the growth button

Last December, banking software provider Temenos bought Avoka, a platform that accelerates customer acquisition and onboarding for financial firms.

Temenos has broad core banking functionality, including tools to help with marketing and sales. But, its front office wasn’t complete.

“Temenos is known as a leader in the new generation of modern core banking systems,” Don Bergal, Avoka’s chief marketing officer, told Tearsheet, speaking from Temenos’ 2019 global sales meeting in Madrid.  “They didn’t have an extensive product line around origination and customer acquisition.”

The Avoka acquisition gives Temenos functionality it didn’t have, converting prospects into customers for banks. Today, Temenos rolled out a new product dubbed Infinity that integrates Avoka’s onboarding platform into its front office suite. It can be delivered via APIs and isn’t dependent on customers using Temenos’ core banking product.

Temenos has built a brand for itself in Europe and Asia, but has relatively little penetration in the U.S. market. The Avoka acquisition fills a niche for the Temenos product catalog but it’s also a strategic move. Temenos has decoupled its front office suite from its core banking, a tactic it thinks will pay off longer term for the company.

“Avoka is the camel nose in the tent for Temenos,” said Bergal. “If you get in the front office, there may be core banking business down the road.”

Early feedback on the combined entity has been positive, according to Bergal. When the announcement of the Avoka acquisition was made, Temenos general managers called key customer accounts to tell them of the news. Customers familiar with the fast-growing Temenos brand understand the tie-up  can mean strength and longevity for Avoka longer term.

With Avoka out in front, the combined entity is set on growth in the US market for 2019.  In a geography where three players have a strong grip on the market, Bergal sounds optimistic the 275 person Avoka team can expand Temenos marketshare.

“The thing that is essential to the whole message of this acquisition is that Avoka isn’t meant to work solely with Temenos core banking,” he said.

“We want clients that work with Jack Henry, FIS, and Fiserv.”

0 comments on “After Temenos acquisition, Avoka pushes hard on the growth button”

Outlier OpinionsMakers

The Customer Effect

It’s 2022 and FIs are still struggling to make their products accessible. Procure Access wants to change that.

  • Americans with disabilities have a total of $490 billion in disposable income. Yet financial services are struggling to meet accessibility requirements, even with basic tools like PDFs.
  • With Procure Access, everyone from Google to Fidelity Investments is getting involved to ensure accessibility is considered at the start of the procurement process.
Rabab Ahsan | September 14, 2022
Sponsored, The Customer Effect

Creating a hyper-personalized banking experience

  • To this day, a lot of financial institutions are using legacy systems that were written back in the '80s and remain the same.
  • Today's digital banking platforms and card services can offer hyper-personalized experiences to create a unique experience for each cardholder.
Zeta | August 25, 2022
The Customer Effect

The reversal of Roe v. Wade: Its impact on economic growth, financial wellbeing, and the financial services industry

  • Roe v. Wade has been overturned, after almost half a century -- what does that mean financially for America?
  • Here's how the ruling may hurt the state economies that will have a ripple effect throughout the economic system of the country.
Sara Khairi | August 02, 2022
Sponsored, The Customer Effect

Finance with a face: How personalization drives engagement, retention, and profitability

  • New technology allows for innovative companies to build banking products that cater to the specific needs of each individual.
  • Personalization is the key to meeting key product metrics and competing in this new landscape of embedded finance.
Q2 | March 14, 2022
Library, Modern Marketing, The Customer Effect

Tearsheet’s 2021 guide for marketers: Gens under the lens

  • We closed off last year with a thorough breakdown of the financial consumer profile of each of the generations.
  • The compiled guide for marketers is now available for download.
Tearsheet Editors | January 24, 2022
More Articles