Australia's RACQ Bank signs with Avoka for digital account opening

Source: Avoka

Avoka, the global leader in customer acquisition journeys in banking, announced it is the account opening and onboarding engine for diversified Australian motoring group RACQ as they provide the digital capabilities that are being demanded by banking customers worldwide.

In September last year, RACQ became the world’s first automobile club to launch a bank, forming RACQ Bank following a merger with QT Mutual Bank as part of its commitment to broaden its portfolio offering and strengthen its relationship with its more than 1.6 million members throughout Queensland.

“RACQ successfully launched a new line of banking products to its customers using Avoka technology. Working with Avoka, RACQ Bank now has the modern banking tools that allow us to offer digital platforms equal to any major bank,” RACQ Chief Information Officer Greg Booker said.

RACQ Bank customers now have an alternative to traditional banks with access to personal banking products with competitive rates and exceptional service, Mr Booker added.

Avoka Chief Executive Phil Copeland said there is significant opportunity for Avoka’s technology to be used by companies that are disrupting the status quo.

“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,” said Mr Copeland.
“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,” Mr Copeland added.

Working on RACQ’s tight schedule, Avoka was engaged to deliver a seamless digital sales process across four retail banking products - personal loans, transaction accounts, saving accounts and home loan inquiries.

“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,” said Will Beaumont, Avoka’s General Manager, Australia & New Zealand.

Avoka has also been engaging with RACQ’s insurance arm to enhance the digital servicing of customer’s insurance claims, which will allow members to submit claims online for various motor related incidents.

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