Security Bank drives digital transformation with Avaloq

Monday 26 February 2024 08:42 CET | News

Security Bank has partnered with Avaloq to digitalise wealth management by leveraging Avaloq Core Platform and RM Workplace for enhanced client experience.


Philippines-based Security Bank has forged a new 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 new partnership will further streamline the bank’s operations while creating an enhanced client experience.

Security Bank has partnered with Avaloq to digitalise wealth management by leveraging Avaloq Core Platform and RM Workplace for enhanced client experience.

Addressing rapid growth

Security Bank is providing bespoke 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%. To address the growing demand for bespoke wealth management services, Security Bank has partnered with Avaloq to drive the digitalisation of the bank, optimise its front office, and create a solid operational foundation for its continued growth over the long term.

Digital solutions for enhancing the customer experience

The bank’s new wealth management platform will automate and standardise workflows and enable Security Bank to offer a full spectrum of bespoke investment advisory services and products for its high net worth and affluent clients. Thanks to the native automation capabilities of the Avaloq Core Platform, Security Bank can benefit from high straight-through processing (STP) and service accuracy rates for payments, securities and fund processing, which will improve operational efficiency. This means that Security Bank can focus more resources on providing personalized service, creating new innovative offerings, and expanding into new markets and client segments.

Avaloq’s intuitive RM Workplace solution will 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.

Security Bank’s officials emphasise that their collaboration with Avaloq will enhance wealth management capabilities, fuelled by innovative financial products tailored to evolving client needs. They expect the new platform to attract increased investment AUM and foster stronger customer relationships. This partnership underscores their commitment to digital transformation, aiming to become one of the most customer-centric banks in the Philippines. Leveraging Avaloq’s specialised solutions, they aim to expand wealth management services, supporting regional individuals and businesses in wealth growth and preservation.

Also commenting on this partnership, representatives from Avaloq said that they are firmly committed to supporting Security Bank on its digitalisation journey across the front, middle, and back office. 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. At the same time, their RM Workplace solution will help the bank’s relationship managers to build lasting relationships with their clients.

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Keywords: digitalisation, customer experience, wealth management, partnership
Categories: Banking & Fintech
Companies: Avaloq, Security Bank
Countries: Philippines
This article is part of category

Banking & Fintech



Security Bank

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