Avaloq has been named Outstanding Wealth Management Technology Implementation – Back Office partner at the Global Private Banking Innovation Awards 2020. The award is the seventh accolade or industry citation to be won by Avaloq in 2020; most recently, it won the Best Outsourcing Solution and Best Transaction Processing awards at the WealthBriefing Asia Awards 2020.
Hosted jointly by The Digital Banker and Global Private Banker, The Global Private Banking Innovation Awards look to identify and distinguish the world’s best-in-class private banks, family offices, wealth managers, wealthtech firms and service providers. Judges include representatives from PwC, EY, KPMG, and Protiviti, with shortlisted institutions or individuals reviewed by the panel through a rigorous audit-type process.
In addition, client testimonials and case studies are a key part of the selection, and Avaloq’s work with a Hong Kong-based wealth management institution was cited in particular, as a highly successful back-office technology implementation, as the project team was able to meet the client’s ambitious goals. In close collaboration with the implementation partner, Avaloq managed to launch a fully operational, cutting-edge private banking platform within just six months.
This latest win further underscores the continued, strong growth of Avaloq in the global private banking and wealth management sector, particularly in the Asia-Pacific market. Recent new clients in the region include Bank of the Philippine Islands and Indonesia’s largest banking group, Bank Mandiri. In April, Deutsche Bank renewed its wealth management contract with Avaloq in Asia and Europe until the end of 2028, one of the firm’s most significant and largest business process as a service (BPaaS) and software as a service (SaaS) relationships globally.
Also in April, Avaloq was named a Leader in The Forrester Wave™: Digital Wealth Management Platforms, Q1 2020 assessment. This came shortly after it was rated as an industry Leader in Everest Group’s Wealth Management Operations Services PEAK Matrix® Assessment 2020.
Imad Abou Haidar, Avaloq’s Head of Asia, said: “We are delighted to win this distinguished award which is showcasing our continued strength in the private banking and wealth management sector. This is particularly compelling for us as it recognises the outstanding work that Avaloq and our highly professional teams have done for a long-standing Hong Kong-based client. As we look forward, our ambition is to fast-track growth as greater numbers of financial institutions acknowledge the deep benefits of our digital operating models.”
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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