Transact Insights is available to institutions running Avoka Transact 5, the newly-launched version of the Avoka Transact platform, the firm said in a statement.  

The need to reduce the aggravation of opening an account in this increasingly regulated financial sector is underscored by data, Avoka said, citing data showing that more than 85 per cent of efforts to open a digital account are abandoned by clients. There are so far limited ways to diagnose problems, the firm said.

“Transact Insights changes this. By analysing points of friction in digital account opening forms, it provides intelligence to retail banks, wealth managers and insurers that enables them to achieve higher customer conversion rates and more successful onboarding over digital channels,” it said.

“Transact Insights captures customer behaviour to drive detailed transaction analytics, identifying problem areas and allowing rapid changes to onboarding processes, as well as testing to evaluate improvements."

The time taken to take a client on board a new financial service, such as a bank or investment platform, varies considerably. In private banking, this publication has heard that on average it can take up to two months to complete the process, while with certain internet platform channels the process can be as short as eight minutes. A number of firms work in the space of client onboarding, using technical developments to smoothe the process, such as Zurich-headquartered Appway, for example. 

The new offering from Avoka is similar to Google Analytics for account opening and onboarding, the firm said; it measures where customers spend their time, make errors, or abandon their sessions. This information gives financial institutions the data they need to accelerate new account opening.

Avoka is based in Denver, Colorado, the UK and Australia.