Best Core Banking Platform
Founded in 1985, Avaloq is a global leader in digital banking solutions, core banking software, and wealth management technology, with more than 150 clients globally. With regional headquarters in Singapore, Avaloq has client banks in Singapore, Hong Kong, Malaysia, Indonesia, Thailand, the Philippines, and Australia. Clients include DBS, Maybank, Deutsche Bank, Bank Mandiri, Agricultural Bank of China, China CITIC Bank, CIMB, Kasikornbank, Crestone, and BT Financial Group. The company’s global headquarters are in Switzerland.
In addition to software provision, Avaloq also offers an integrated back-office and software solution (BPaaS – Business Process as a Service) in which the company both provides outsourced back office services and runs the software on behalf of clients, making Avaloq the only independent banking software provider to develop and also operate its own software; so driving the transformation and automation of the financial services industry.
Describe your solution (I.e. that which is applicable to your award)
Delivered as SaaS or for on-premises deployment, Avaloq offers a fully digital front-to-back platform that consists of a set of integrated end-to-end software modules that address the broadest set of banking needs from payments to complex structured products. Using a single unified data model across the platform, ensuring data consistency and minimised risk, the solution supports use cases from the retail saver to ultra high net worth investors. Built around a truly open architecture (based on microservices, containerisation and REST APIs), the capabilities can be enhanced with over 100 pre-integrated innovative fintech solutions from our Avaloq.one Ecosystem.
Our established core banking system is complemented by three innovative platforms — Engage, Wealth and Insight – providing end-to-end digital solutions at a level of simplicity that will pave the way for the democratisation of wealth management.
What makes it stand out/apart from other similar solutions in the marketplace?
Avaloq provides the most complete set of portfolio capabilities including fully integrated support for tokenised assets.
Our clients can use the same solution to serve client segments from mass affluent to ultra high net worth individuals.
Avaloq also offers the core platform with integrated back-office services — currently used by over 35 clients. Our BPaaS service centres handle more than 230 end-to-end banking processes, delivering STP rates up to 100%, reversal rates of virtually 0% and cost reductions of up to 30%.
The unique Avaloq Financial Cloud (co-developed with IBM) provides a secure and compliant cloud platform for banks supporting both private and public cloud deployment models.
All elements of our platform use a single data model, which can also be accessed by third party components using our REST APIs. This way all banking components in Avaloq share the same unique data source, guaranteeing full consistency, optimising speed of processing and reducing risk.
Explain how it adds value to the business of PBS/WMs
All of our solutions bring simplicity to financial institutions every day, helping them remove complexity, drive efficiencies, and enable the highest quality client engagement.
We are focused on addressing two core issues: the efficiency of wealth management/private banking operations and the democratisation of wealth management. This requires empowering advisors to provide personalised advice and bespoke services by using an effective hybrid (digital/human) model for advisory, the application of AI to increase advisor’s productivity and the most simple and seamless integration of innovative fintech applications with core wealth management functions for both bank staff and clients.
We also recognise that an effective wealth management platform, that can support client opportunities from the affluent segment and above, needs to be an easy-to-use system, with a single data model spanning all segments, that minimises manual work and delivers unrivalled reliability and straight-through-processing (STP rates up to 100%).