The Berlin-based bank has extended its contract with Avaloq until 2028. This will allow Quirin Privatbank to continue harnessing Avaloq’s core banking platform and highly automated back-office services to help scale the bank’s wealth management business.
Quirin Privatbank follows a hybrid business model, combining the parent company’s traditional wealth management services with innovative robo-advisory offered by its subsidiary, quirion. Since 2016, the bank has been using Avaloq’s Business Process as a Service (BPaaS) solution to standardize and automate back-office functions.
As part of its long-term growth strategy, Quirin Privatbank has decided to extend its contract with Avaloq until 2028. By increasing its back-office efficiency with close to 100% straight-through-processing (STP) rates, the bank can focus on offering the best investment advice possible.
Karl Matthäus Schmidt, CEO of Quirin Privatbank, said: “Our hybrid business model is the key to our success. By offering various degrees of digitalization in our investment advice, we can cater to individual client needs and address new market segments. In order to scale our business, we can rely on Avaloq as an innovative technology partner with excellent wealth management expertise.”
Thomas Beck, co-CEO and Group Chief Development & Technology Officer at Avaloq, said: “We are excited to open a new chapter in our long-term partnership with Quirin Privatbank. By operating on the Avaloq Core Platform, combined with our BPaaS offering, the bank is boosting its operational efficiency so it can focus on offering highly personalized investment advice to its clients.”
Jakarta-based Bank Negara Indonesia (BNI) is migrating to the Avaloq Core Platform to support the success of its Wealth Management Division. Avaloq will enable the bank to digitalize key business processes and meet the needs of the country’s growing wealth management and private banking clients.
UnionBank continues the digital transformation of its wealth management business with the Avaloq Core Platform. This will help the bank to stay ahead of the technology curve as the financial industry continues to digitalize in the pursuit of greater efficiency and innovation.
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