Global fintech leader Avaloq has been recognized as the Overall Winner in Celent’s highly prestigious XCelent European Wealth Management Technology Vendors report. Avaloq was named the winner due to its strong performance across each Celent ABCD Vendor View category1 and having earned the highest total score. In particular, Celent noted Avaloq’s significant presence across in Europe, the Middle East and Africa and client types as well as its demonstrable scalability to serve digital start-ups through to large global companies in the financial industry.
Published in September 2019, Celent’s report examined the leading 14 vendors of front-to-back office wealth management platforms available in the EMEA region, providing an overview of areas such as functionality, lines of business, implementation, pricing and support. The XCelent Overall Winner is a new category introduced in 2019 to reflect the positive work across all categories displayed from participating vendors.
Among other strengths, Avaloq’s microservices based architecture stands out to Celent. Avaloq has launched services based on the new architecture (e.g. goal-based wealth management) and has over 30 microservices in development. In addition, the report highlighted that Avaloq has established a significant list of partnerships and integrators, expanding its global reach, functionality, adaptability, and accessibility to a range of clients, such as banks and wealth managers.
Juerg Hunziker, Avaloq’s Group CEO, said: “We are absolutely delighted to be recognized in the latest XCelent report and named as Overall Winner in the EMEA region. This is the perfect recognition of the strength of our product suite, the success we have seen in terms of client take-up and the hard work carried out by Avaloq’s global employee base in building our market-leading proposition. We continue to build the functionality and capabilities of our solutions at a time when digital business models will dominate the European financial services sector in terms of client service and delivery, integration with third parties and meeting compliance demands.”
“The Avaloq solution is comprehensive and lacks very little across its wealth management features and functionalities. Avaloq has significant partnerships in place with integrators and functionality partners, ensuring its positive trajectory to deliver top-quality technology solutions across the wealth management market,” said Ashley Longabaugh, Wealth Management Analyst of Celent and author of the report. “In particular, Avaloq’s introduction of microservices based architecture stands out. In 2017 the firm introduced a new microservices-based architecture with Docker containers using RedHat OpenShift as the container platform. All microservices have their own browser-based UI connected using open REST APIs. Many of these microservices integrate with the Avaloq Banking Suite but can also be deployed on top of other [core banking] solutions.”
1The Celent ABCD Vendor View shows at a glance the relative position of vendors in the following categories: Advanced Technology, Breadth of Functionality, Customer Base (number of clients), and Depth of Client Services on two separate X/Y scales.