The need for speed in wealth management

For digital natives, convenience and efficiency rule. What’s the key to delivering on these imperatives and ensuring you can attract the right clients?

A new era of wealth management is upon us. Wealth is no longer concentrated among the Baby Boomer generation. A 2017 report from Accenture shows that 30% of investors are Millennials, compared to 31% Gen X’ers and 37% Boomers. A rising force on the market, millennials demand a convenient, integrated, end-to-end digital experience across channels – underpinned by relentless speed and efficiency.

This starts with intuitive digital journeys and attractive, easy-to-use online platforms that respond immediately to the user’s personal inquiries and requests. Using data and AI, these platforms should be able to serve up suggestions that meet the client’s unique needs and lead them seamlessly through the acquisition process.

“30% of investors are Millennials”

Accenture 2017

Both business users and clients can get more done when they have easy, uncluttered access to the services and functionality they need. And when they have quick access to data that’s easy to interpret and act on, they are in an even better position to attract clients. At Avaloq, our goal is to provide highly personalized advice and bespoke services that will help the client, while making digital processes smarter and invisible wherever possible.

But efficiency is not just about making IT operations run smoothly and delivering services effectively. We’re working to eliminate the time and effort wasted on activities that don’t add value and to use automation to remove the need for manual intervention in almost all back-office processes. This means business users will be able to focus on high-value tasks and wealth managers will be able to serve more clients, increasing productivity and improving profitability.

Strategic pillars of speed and efficiency

Whatever your business strategy, these pillars can support your journey into the new era

Aligned with the movements in the wealth management market, we are pursuing a strategy based on these six pillars. We believe that to become resilient to change and profitable in under any future scenario, these strategic pillars can also be adapted by almost any financial institution.

  • Democratization of wealth management – We enable our clients to scale their services and grow their business by making profitable wealth management services available to a wider range of clients than ever before.
  • Reinventing the customer journey – We offer a range of platforms that reach the right customers in the right channel at the right time, building engagement and delivering a unique experience.
  • Adopting cloud – Cloud technology offers the potential to deliver huge cost and efficiency advantages. We are committed to providing fully cloud native services and products that are genuinely cloud agnostic. Through our SaaS and BPaaS offerings, our clients can share the cost and scale benefits of our world-class service delivery and enjoy immediate access to leading fintech innovations.
  • Leveraging crypto – Investors and wealth managers need secure and transparent solutions to add to and expand their existing platforms. We offer a secure, end-to-end integrated solution that manages their crypto and traditional assets in one place.
  • Embrace open banking – Financial institutions need the right tools and technologies to be able to service customers in the financial ecosystem. We combine our own world-leading products with the innovation potential of our ecosystem (via open banking, APIs, and Avaloq Ventures) to lower banks’ costs and reduce risk.
  • Unlock your data – Our clients can exploit the full potential of data, AI and analytics, generating new revenue streams and creating new opportunities to grow the business.
  • Ensuring compliance – We help financial institutions guard against human error by enforcing key aspects of today’s reporting and compliance requirements. We also help manage a complex risk landscape and practice good data security.

Progress is power at Avaloq

We’ve been working on a range of solutions that enable speed, efficiency and convenience while paving the way to the future of wealth management. Ecosystem Ecosystem lays the foundation for the banking and wealth management ecosystem. By bringing together financial institutions, fintechs, developers, implementation partners and investors to collaborate, accelerates innovation and time to market for financial institutions while giving fintechs opportunities to scale their business.

Open APIs are the cornerstone of our ecosystem.
Fintechs and clients can use over 400 open API endpoints to integrate quickly and easily with Avaloq’s core banking solution, without the need for detailed Avaloq know-how. Our teams are working hard to expand the ecosystem and add new functionality.

New platforms for better digital performance
Earlier this year, we launched new platforms built to enhance customer experience and efficiency. Avaloq Wealth allows clients to scale up their advisory business, while still offering the high level of personalization required for upper client segments. Avaloq Engage enables clients to offer both clients and employees superb interfaces and user experiences.

We are also releasing individual modules for our Avaloq Insight platform. This platform will support better, data-driven decision-making by linking Avaloq Core’s enterprise-wide object model with data from the other platforms and with external data.

Avaloq Crypto Trading
In 2019, our first client went live using the Avaloq Crypto Trading solution. This enables clients to integrate cryptocurrencies seamlessly and securely, alongside traditional currencies, while making sure all the specific requirements for crypto trading are taken care of.

Cost & Fees Analytics solution
As pricing comes under closer scrutiny and price negotiation becomes more common, we have launched a new Cost & Fees Analytics solution to complement our existing Cost & Fees offering. This uses powerful data analytics to help banks and wealth managers assess the impact of bespoke pricing for individual clients and improve the overall client experience.

A persona-driven approach to product design
The Financial Intermediaries Workplace released in 2019 is our first fully persona-driven product, closely tailored to the role of financial intermediaries and offering a fine-tuned set of tools and interfaces to make routine actions quicker and more efficient.

New PSD2 offering
We have successfully released a PSD2 offering based on our containerized microservices architecture, giving Avaloq clients a fully compliant solution that can be implemented with minimum effort.

Software-defined data centre (SDDC)
All of Avaloq’s software is fully cloud agnostic and can be operated on most public and private clouds. In 2019, we introduced a software-defined data centre (SDDC) model, based on IBM Cloud, that directly benefits our clients by significantly improving efficiency in our SaaS and BPaaS offerings.

“We saw a big opportunity, through upgrading our systems, to build our capability to react to relevant information in real time. Time to market is very important in this business.”

Oliver Crespin

Former COO DBS Wealth Management

Our roadmap

Continuous improvement of our solutions – for the near and long term

Our planned activities strongly support our vision of the democratization of wealth management and our determination to help our clients delight both their staff and clients with a leading user experience, while steadily improving overall efficiency in the front- and back-office environments. The aim is to increase client satisfaction and retention while expanding the client base, to ultimately reduce costs and build profits.

Browse through our hub of articles on future innovations – covering our strategic pillars and discover a detailed roadmap for the Avaloq financial technology and services.

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