Deutsche Bank has renewed its contract with the leading cloud banking provider Avaloq in Asia and in Europe until the end of 2028. The contract covers Deutsche Bank’s extensive wealth management businesses in six countries – Switzerland, Luxembourg, the UK, Saudi Arabia, Singapore and Hong Kong – and represents one of Avaloq’s most significant and largest business process as a service (BPaaS) and software as a service (SaaS) relationships globally.
Deutsche Bank has been an Avaloq client since 2013, with the relationship expanding across business lines and jurisdictions since then. The extension of the contract will see Avaloq providing the institution with a fully integrated, complete end-to-end outsourced service that significantly reduces complexity while delivering powerful scale benefits and greater data analytics at much lower cost. By taking on full responsibility for the complete technology infrastructure, it allows Deutsche Bank to focus on and deliver a richer client service proposition and competitive new products.
For Avaloq, the extension with Deutsche Bank also further underscores its ability to work with large, sophisticated, cross-border wealth management firms and private banks to seamlessly transform their technological processes and systems across the back, middle and front office. Deutsche Bank is a prime example of a larger industry trend amongst leading wealth management arms at private banks where SaaS and BPaaS solutions prove to be the preferred route to go. Avaloq has seen strong demand for its BPaaS and SaaS solutions in this space.
In addition, the company announced major deals in 2019 with, among others, Brewin Dolphin, Smith & Williamson, Maybank, Bank Mandiri and DBS. In an indication of the highly competitive nature of its platform, Avaloq was named Overall Winner in the 2019 XCelent European Wealth Management Technology Vendors report in September 2019, seen as the most prestigious such accolade in Europe and a testament to the market-leading capabilities of Avaloq’s products and services.
Jan Wohlschiess, COO/CIO Private Bank/Wealth Management at Deutsche Bank, said: “Wealth Management is a key growth driver for Deutsche Bank so it is essential that we invest in the most technologically advanced solutions and platforms to help serve our clients around the world. We have a strong relationship with Avaloq and see the firm as a good partner to meet our bank and clients’ needs. We look forward to seeing further investment in their products and solutions.”
Paco Hauser, Global Head of Markets at Avaloq, said: “We are delighted to announce this extension with Deutsche Bank, particularly as the relationship covers multiple jurisdictions and different markets. We believe it showcases the very best of the Avaloq Banking Suite and the profound capabilities that BPaaS and SaaS solutions are delivering for large, growth-focused financial institutions.”
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