Makati-based Security Bank has entered a partnership with Avaloq, a provider of wealth management technology and software.
The bank aims to digitalise its wealth management business with the Avaloq Core Platform and to roll out Avaloq’s Relationship Manager (RM) Workplace solution to strengthen its front office. The partnership should help streamline the bank’s operations while creating a better client experience.
“The bank’s strategic partnership with Avaloq will strengthen our wealth management capabilities even further,” said Arnold Bengco, financial markets head at Security Bank.
“We’re confident our new platform will attract incremental investment AUM and help deepen customer relationships with our bank.”
Security Bank provides financing, leasing, foreign exchange, stock brokerage, investment banking, and asset management services. Since launching its wealth management business in 2017, the bank has grown its wealth management assets under management by a CAGR of 44% and has expanded its client base by a CAGR of 40%, according to the firm.
The bank’s new wealth management platform will automate and standardise workflows and enable Security Bank to offer a full spectrum of investment advisory services and products for its high net worth and affluent clients. Thanks to the native automation capabilities of the,
Security Bank can benefit from Avaloq Core Platform’s high straight-through processing (STP) and service accuracy rates for payments, securities and fund processing, which should improve operational efficiency.
“By automating end-to-end processes, from order entry to reporting, the Avaloq Core Platform will provide the operational foundation for the future growth and success of the bank’s wealth management business,” said Pascal Wengi, managing director for Asia Pacific, the Middle East and Africa at Avaloq
In addition, Avaloq’s intuitive RM Workplace service should provide Security Bank’s relationship managers with a complete overview of client profiles and portfolios, ensuring more targeted communication and simpler transaction management to boost productivity and foster closer client relationships.
“This will also enable the bank’s relationship managers to offer tailored investment advisory services to a larger, more diverse client base. The solution can be fully customized based on the bank’s needs and is seamlessly integrated with the Avaloq Core Platform,” according to the bank.
