ABAKA and Avaloq have announced a strategic partnership where ABAKA will join the Avaloq.one Ecosystem to collaborate on building new AI platforms and digital solutions for client banks of Avaloq around the world. This latest addition to the ecosystem follows ABAKA’s successful Series A funding round which saw the firm raise USD 6.5 million – one of the biggest investments in technology for the pensions and retirement market.
ABAKA, the London-based digital retirement solutions fintech, will partner up with banking software provider Avaloq and join its Avaloq.one Ecosystem. The tech firms will now collaborate to build artificial intelligence (AI) powered solutions to help international banking clients improve their customer experiences. Starting today, Avaloq banking clients can connect with ABAKA over the www.avaloq.one marketplace and further extend their Avaloq Banking Systems with ABAKA using industry grade secure Rest APIs and sandboxes in realizing their Open Banking ambitions.
ABAKA uses AI-powered technologies, such as its conversational chatbot AVA and intelligent nudges, to improve the ways financial services providers engage with their customers and help them financially plan for the future. We live in an age of WhatsApp communicators, Netflix streamers and Alexa enquirers. Those customers are used to slick digital services across the board and managing their finances is no exception. In recent years, the number of adults banking on their smartphones has grown rapidly across the world. But if banks are to keep pace with the ever-changing expectations of the consumer, digital innovation must not stop at innovation labs and SMS alerts.
Fahd Rachidy, founder and CEO of ABAKA said: “ABAKA works with banks and savings providers around the world to build digital banking solutions that create outstanding customer experiences. We’re excited about the potential of what we can help banks achieve in 2020. Joining the Avaloq.one Ecosystem will provide ABAKA further access to Avaloq banks worldwide and will accelerate the innovation push in this space.”
Martin Greweldinger, Group Chief Product Officer of Avaloq, said: “While we have seen increased demand from banks for AI-powered, digital banking solutions and cloud-based platforms, many remain constrained by legacy and outdated systems. We are impressed with the AI-powered solutions ABAKA is bringing to the market to help meet these challenges. Coupled with our expertise in building Saas, BPaaS as well as on premise solutions for private banks and wealth managers, we are confident this latest addition to the Avaloq.one Ecosystem will put us both at the forefront of digital banking innovation for our clients.”
News of the partnership with Avaloq follows a successful Series A funding round for ABAKA last year, where the fintech firm raised USD 6.5 million in new investment. ABAKA plans to use the money for continued research and development into AI applications for the banking sector, as well as its expansion into Asia and the USA.
Digital technologies such as cloud-based operating models, artificial intelligence, data analytics and automation will significantly enhance front, middle and back office processes at banks and wealth managers, resulting in a more personalized, smarter and more efficient client experience
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