11 June 2015
Digital strategy is top priority for financial institutions
Research carried out by Avaloq has found banking and wealth management professionals see the implementation of a digital strategy as their top business priority.
The Avaloq group, an international leader in integrated and comprehensive banking solutions for wealth management, universal and retail banks, surveyed C-level representatives of the global financial community at the company’s inaugural Avaloq Summit.
Delegates at the event were asked to vote on their key business priority and over half (54 per cent) said the implementation of a digital strategy is at the top of their agenda.
Francisco Fernandez, CEO at Avaloq, believes the results highlight the vital importance for the financial services industry to embrace the changing demands of its clients and the appearance of new players: “Today’s clients are tech-savvy and see the use of online channels, mobile devices and social media as part of their everyday lives. Clients therefore expect user-friendly technology to make financial decisions, complete transactions and facilitate communication with their financial services provider. At the same time, technology has enabled a plethora of new business models across the financial industry. Avaloq’s front programme and BPO strategy bring our customers into a pole position to manage these changes”, he says.
The purpose of the Avaloq Summit was to provide delegates with an insight into how to manage the key changes impacting the industry. The event drew international delegates from countries including Australia, Singapore, the US, the UK, Germany and Switzerland.
Attendees congregated in Berlin to witness a keynote speech from financial industry expert Brett King, author of “Bank 3.0” and “Breaking Banks”, who outlined the future landscape of the sector. Several community members and Avaloq executive board members presented how the industry can master the imperative of change, while photography artist Hannes Schmid, world famous for his re-creation of the “Marlboro Man” campaign, spoke about the art of transformation.
Summit participant V Arivazhagan, COO for CBG & Wealth Group at DBS, said: “The Summit was an excellent opportunity to meet the Avaloq Community and to discuss challenges brought on by digitalisation and changing client behaviour. The keynotes and findings of the discussion were very insightful.”