Banca dello Stato del Cantone Ticino (BancaStato) and its private banking affiliate Axion SWISS Bank (Axion) have extended their partnership with Avaloq for core banking and have successfully completed a major upgrade of their online banking channels. BancaStato is Switzerland’s first cantonal bank to go live with the latest version of Avaloq’s Web Banking and Mobile Banking solution.
BancaStato is a leading financial institution in the canton of Ticino, providing key services such as saving accounts, loans, mortgages, investment products and payment services. These services are available to individual, commercial and institutional clients. Its private banking affiliate Axion offers tailored portfolio management and advisory services for private and institutional clients and has experienced strong growth in assets under management in recent years. BancaStato and Axion run on the Avaloq Core Platform deployed in a software as a service (SaaS) model and make use of Avaloq’s Banking Operations offering. As part of the renewed partnership with Avaloq, both banks have now migrated to Avaloq’s upgraded web and mobile banking solution.
The Avaloq Core Platform enables banks and wealth managers to automate and standardize workflows and to offer a full spectrum of investment products of any complexity. When combined with Banking Operations in a business process as a service (BPaaS) model, the Avaloq Core Platform achieves up to 99% straight-through processing (STP) rates for payments and close to 100% service accuracy. With Avaloq’s SaaS deployment model, BancaStato and Axion can depend on a flexible and secure core banking system that is constantly kept up to date.
Avaloq’s updated web and mobile banking solution offers an enhanced interface for online banking, with a clear overview of portfolio positions, full coverage of payments and trades and many self-service features which are continuously added to the solution. Avaloq’s customizable implementation options enable BancaStato and Axion to offer a specialized user interface for their respective clients, with tailored dashboards and functionality based on the needs of their different client segments. The bank’s clients also benefit from state-of-the-art biometric authentication and can rely on highly secure online banking infrastructure that is constantly updated.
Curzio De Gottardi, member of the Executive Board and Head of Products and Services at BancaStato, said: “We are proud to be the first cantonal bank to offer our clients the latest version of Avaloq’s web and mobile banking. This marks an important step in our long-term partnership with Avaloq, and we are delighted to share that our upgraded online banking channels have been well received by our clients. After a two-week cutover period, we were already fully convinced by Avaloq’s new web and mobile banking solution, and we were also pleased with the smooth migration process. With Avaloq, we can rely on a trustworthy partner for our core banking system, banking operations outsourcing and client interaction channels, and we look forward to continuing our strong partnership with Avaloq in the years to come.”
Georges Roten, Regional Head Switzerland & Liechtenstein at Avaloq, said: “We are committed to supporting BancaStato and Axion on their digitalization journey by automating end-to-end processes, from order entry to execution and reporting, while enhancing their client interaction channels on web and mobile. Our SaaS deployment model on Avaloq private cloud will continue to provide a high degree of operational flexibility and standardization, which will drive efficiency and support the future business growth of BancaStato and Axion. As a leader in wealth management technology, we will continue to innovate to keep our clients ahead of the curve.”