Avaloq has won the prestigious Transaction Processing Solution category at The Ninth Annual WealthBriefing European Awards 2021. The firm was also highly recommended in the Innovative Use of Artificial Intelligence (AI) category.
In the Transaction Processing Solution category, Avaloq’s scale and resilience were cited as two key elements that impressed the judges most; in the AI one, Avaloq’s Natural Language Processing (NLP) engine, used within chat functions, was seen as a high-profile use of AI and one expected to bolster advisor productivity by helping them serve content quickly and accurately to clients.
Avaloq’s NLP function is a core element of the firm’s Engage solution, which allows wealth managers to interact seamlessly with their clients via social messaging services such as WhatsApp and WeChat in a secure and compliant manner. It helps institutions capitalize on the growth of new sales and service channels and comes at a time when ‘conversational banking’ has become a key trend in wealth advisory and the wider financial services sector.
Showcasing ‘best of breed’ in European wealth management, the WealthBriefing awards recognize outstanding organizations judged to have demonstrated true innovation and excellence during the previous year. Each of the two categories was highly contested, with a small group of finalists and commended submissions chosen from a large pool of entrants.
Martin Greweldinger, co-CEO of Avaloq Group, said: “We are delighted to win this year’s Transaction Processing Solution award which underlines the robustness and reliability of our core banking platform. Furthermore, we are really pleased to see that our multi-year efforts around AI and NLP which went into our new stand-alone platforms are recognized by the market particularly given the market disruptions in 2020 caused by the pandemic. Avaloq remains dedicated to providing the very best solutions for banks and wealth managers, especially with regards to the very latest technologies and processes aimed at making our clients more efficient, more competitive and more responsive to growth opportunities.”
Avaloq today announced that it has signed a multi-year contract with the Geneva-based private bank to continue their partnership in the fields of core banking solutions and back-office operations. With Avaloq’s technology, S.P. Hinduja Banque Privée is now entering the open banking space.
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