Best Core Banking Platform
Private banks that are operating on legacy systems and outdated core banking platforms will invariably find themselves on the back foot, if not today then in the near future. Without a robust platform, challenges around data quality and maintenance are amplified. Typical issues include poor integration with third-party data, anti-money laundering lapses and the inability to adapt to new technologies. Effectively, a fragile foundation can short-circuit a private bank’s sustainability.
Year after year, Avaloq has proven itself to be the private banking vendor of choice—delivering comprehensive solutions to relieve operational and regulatory pressures and drive down cost/income ratios.
In 2017, The Zurich-headquartered technology giant deepened its penetration of Asia’s private banking providers. The most recent example was a partnership with Kasikornbank (KBank)—the vendor’s first Thai client for its fully integrated front-to-back platform, the Avaloq Banking Suite—which chose the Avaloq Banking Suite for its sophistication and flexibility in delivery methods.
Avaloq’s business process as a service (BPaaS) offering—run out of the Avaloq Sourcing Asia Pacific (ASAP) centre in Singapore—also continues to go from strength to strength, recently adding Bank of Asia, a newly-established “online-only” bank that will outsource its back office to Avaloq.
Indeed, given the sheer robustness of the Avaloq Banking Suite, there is little surprise that Avaloq is signing on new additions to its already sizeable family of wealth management clients in Asia. These clients include China CITIC Bank International, Crestone Wealth Management, DBS Private Bank, Deutsche Bank Wealth Management, LGT, Maybank Private Wealth, Nomura and RBC Wealth Management.
Avaloq is Asian Private Banker’s Best Core Banking Platform winner for 2017.
“We are delighted to have been voted the winner of this prestigious award. The Asia Pacific marketplace is an important growth region for Avaloq and we are seeing strong interest in both our solutions and our services. We believe that Avaloq is well positioned for continued growth in this market.”