[April 02, 2014]

Avoka: 95% of Application Forms in Financial Services Are Not Omni-Channel 2.0-Ready & Deliver a Broken Customer Transaction Experience

Avoka, one of the top Customer Experience Management companies specializing in SmartForm & Transaction Management (SFTM), identified that 95% of Application Forms in Financial Services (such as bank account opening, loan applications or insurance claims) are not Omni-Channel 2.0-ready, and therefore deliver a broken, unfriendly customer transaction experience resulting in form abandonment.

Avoka measured that by activating Avoka TransactWeb™, its leading Multi-Channel SmartForm & Transaction Management System with built-in Omni-Channel 2.0-ready SmartForms, its Financial Services clients were able to improve their Customer Transaction Experience by 130% last year by providing applicants a seamless digital transaction experience between all channels-Branch, Call Center, Web, Mobile-during a Single Transaction, which lowered form abandonment rates and accelerated response times.

Avoka TransactWeb™ transforms mobile-unfriendly, painful-to-fill-in, hard-to-maintain, channel-constrained Paper, PDF or Web Forms (such as account opening and loan applications and insurance claims) into mobile-optimized, easy-to-fill-in, high-quality-data Multi-Channel SmartForms for a seamless Multi-Channel Customer Transaction Experience.

"Today's customers expect continuous cross-oer between all channels when they launch an online application-they don't want to have to repeat steps or information again and again," said Philip Copeland, CEO for Avoka. "Applicants want to start, pause and complete their application process at their convenience, and only Omni-Channel 2.0 SmartForms can deliver such an experience."

Avoka calculated that by transforming their Paper, PDF or Web Forms into Avoka TransactWeb's fast-&-agile-to-maintain, feature-rich and Omni-Channel 2.0-ready Multi-Channel SmartForms, banks and insurance companies can:

1. Decrease Form Abandonment by up to 45% (thanks to Avoka's SmartForm Display Technology that provides user-friendly data entry such as data pre-population and built-in business rules);
2. Offer a 100% Mobile-Optimized experience: Avoka TransactWeb's Multi-Channel SmartForms are design-responsive and run on all popular mobile & desktop browsers for smartphones, tablets and PCs-for an easier, friendlier and optimized data entry experience;
3. Eliminate data entry errors and clean-ups by up to 100% thanks to Avoka's Data Validation & Real-Time Data Delivery Technology that enables automatic error-checking and alerting, to prevent incorrect data from being captured and submitted by applicant.

"Avoka TransactWeb™ is making account opening, loan applications and insurance claims in the Financial Services industry more convenient and customer-focused," added Copeland. "It's a cut-throat world, and banks, insurance and other wealth management organizations simply can't afford high transaction abandonment rates and interruption between channels. If they don't provide a seamless (unbroken) customer transaction experience across all channels, their audience will turn to the competitors who can."

About Avoka

Avoka powers more than 16,000 Digital SmartForms for Banking, Insurance, Healthcare, Construction, Energy, Mining, Education Companies and Government Organizations worldwide, capturing and delivering over 100 million business-critical customer transactions each year into back-office ERP, BPM, ECM and CRM systems. Avoka has operations in the US, Europe, and Asia-Pacific. Learn more at http://www.avoka.com.

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