The articles that follow will provide an overview of our commitment to helping our clients future-proof their businesses and to maintaining our position as the global leader in wealth management and banking technology.
What does being future-ready mean? At Avaloq, it means just one thing: being open to innovation and able and willing to embrace change. Change is a given today and it’s happening faster all the time, driven by rapid developments in technology and by new market needs and expectations. Innovation is the magic that makes the link between the two. Look at what happened in the music industry. It’s the perfect example of what is going on in banking right now. After decades of only evolving the medium – from 78s to vinyl to tape to CD – the music business was turned on its head when Spotify and other streaming providers arrived, linking new technologies with changing consumer needs and revolutionizing consumer behaviour.
Something very similar is happening in the financial industry. New technologies are opening the door, not just to a revolution in client interaction, but to completely new business models. At the same time, we’re seeing market expectations changing rapidly, driven by more adventurous, consumer-led industries and by demographic developments. Stylish, attractive UIs and UXs are among the key differentiators that younger clients respond to. And generational differences are a significant factor, as wealth and assets are gradually transferred from the baby boomers to Generation X and Gen Y clients who have grown up in a digital world and come to banking with different assumptions and expectations. There are already studies that warn, for example, that most high net worth clients will turn their backs on financial institutions that fail to make life easy by providing proper omnichannel integration.
These shifts are happening right now and they’re happening faster than today’s financial institutions expected. At the same time, new players are making an impact in the market. Banks and wealth managers need to act quickly if they’re going to adapt to clients’ changing demands before it’s too late.
In this roadmap, you’ll find plenty of evidence of the way we are supporting the best approaches to the task of future-proofing your business. These include providing smooth migration trajectories, helping you ensure cost-effective operations and incorporating game-changing technologies – such as blockchain, AI and cloud offerings – in our products. You’ll also see how we are investing in cybersecurity, boosting efficiency and ensuring stable, secure and scalable operation of our cloud-agnostic and fully containerized banking platform.
All this is backed up by a culture of design thinking and a commitment to putting UI/UX first, so that we embed the user’s perspective and client-driven development methods deep in the heart of our products and services. With this progressive philosophy, alongside our exceptionally high implementation success rate, we can guarantee you the support you need to make your business fit and ready for the challenges of an uncertain future.
After 35 years of driving change in the financial services industry with innovative technology solutions, we’re excited about the new opportunities for this industry. We look forward to working with you to make the most of them.
Wishing you a prosperous start to this new decade,
Group Chief Product Officer