Australian fintech claims victory at global innovation challenge

Sydney-based banking software developer, Avoka, has taken home the gong at the ATB Financial Customer Onboarding Global Innovation Challenge, beating out rivals from the UK, US, Europe and the Asia-Pacific.

As winner of the challenge, Avoka will have the distinction of collaborating directly with ATB, a Canada-based banking institution, on a proof-of-concept project, with strong prospects for implementing their successful solution within the bank’s systems.

KPMG Canada along with fintech ‘matchmaking’ platform, Matchi, which together formed an exclusive partnership in mid-2015, joined ATB as co-hosts in the challenge.

The competition required fintech solution developers to produce “a relevant, implementable innovation” to help automate and optimise ATB’s client on-boarding and authentication processes.

“This challenge absolutely delivered innovative thinking from around the globe,” said ATB’s chief transformation officer, Wellington Holbrook. “I was excited to see a fantastic breadth and depth of responses – proof of how rich the fintech ecosystem truly is.

“We’re looking forward to working with Avoka in creating a seamless experience for Albertans who interact with ATB.”

The challenge drew more than 50 entrants from 14 different countries including Australia, Canada, Czech Republic, Hong Kong, India, Israel, Russia, South Africa, United Kingdom and the United States.

A shortlist of six finalists was selected to proceed into a final judging round, where Avoka was unanimously selected as the solution “most aligned to ATB’s current on-boarding focus areas”.

The top six solutions of the ATB Global Innovation Challenge were:

Winner:              Avoka, Australia

Runner-up:         Aimbrain, United Kingdom
Runner-up:         Kyckr, United Kingdom
Runner-up:         TRC Mobilearth, Canada
Runner-up:         Trulioo, Canada
Runner-up:         Simple KYC, Australia