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

The White House is proposing an increase in the capital gains tax. What will non-white groups gain?

  • The White House is proposing a hike in capital gains tax as part of a deficit reduction plan.
  • The taxation system in America needs another look, so far the balance has been tipped in the favor of investors and white households. Will the capital gains tax rebalance the scales?
Rabab Ahsan | March 15, 2023
The Customer Effect

Americans think financial literacy can help them cope with the cost of living

  • Consumer prices are rising and the cost of everyday goods is expected to remain volatile.
  • With the frequent ups and downs in the economy, consumers are starting to bank on financial literacy to help them weather the storm.
Rabab Ahsan | March 02, 2023
The Customer Effect

Consumers are relying more on credit in this bad economy

  • Due to economic headwinds, people are turning to credit to make ends meet.
  • What will this upswing mean for issuers in the future?
Rabab Ahsan | February 24, 2023
The Customer Effect

How are Americans coping with their financial burnout?

  • Americans are feeling financially overwhelmed due to sustained inflation and slow economic growth.
  • Many consumers are now putting a greater emphasis on financial well-being, and have increased their reliance on digital banking tools.
Sara Khairi | February 13, 2023
The Customer Effect

With high inflation, are savings out of the picture for American consumers?

  • Inflation has been affecting saving habits across the board as consumers have to spend more to afford basic necessities.
  • Given the turbulence of the past few years, paying off debt has been ranking high on the list of savings priorities for most Americans.
Rabab Ahsan | February 08, 2023
More Articles