On Tuesday, Australia-based fintech startup Avoka announced it is the account opening and onboarding engine for Australia’s RACQ to provide digital capabilities for banking customers worldwide. Avoka claims that RACQ became the world’s first automobile club to launch a bank and formed RACQ Banking after a merger with QT Mutual Bank. RACQ Chief Information Officer, Greg Booker, stated:
“RACQ successfully launched a new link of banking products to its customers using Avoka technology. Working with Avoka, RACQ Bank now has the modern banking tools that allows to offer digital platforms equal to any major bank.”
Booker also noted that RACQ Bank customers now have an alternative to traditional banks with access to personal banking products with competitive rates and exceptional service. Speaking about the partnership with RACQ, Avoka Chief Executive, Phil Copeland, also commented:
“Avoka is now an essential part of the glue that banks and their challengers need to secure their customer base; providing the user-friendly technology their customers now expect to be available at the start of any banking relationship. Our innovative products are experiencing solid demand from financial services firms around the world. While their business model is different, traditional banks and start-ups are both aware of the need to impress customers as early as possible while also making internal processing of account applications as simple and efficient as possible.”
Will Beaumont, Avoka’s General Manager, then noted:
“Avoka is excited to be working with RACQ and looks forward to providing further digital enhancements via our Avoka Transact platform to improve their operations and build even more engagement with their members.”
Avoka then added it has digitized more than 100 million transactions for over 150 global clients.