Avaloq rolls out Engage app to boost wealth management offering

By Megha Bhattacharya

Avaloq today announced the launch of Engage app in a bid to allow wealth managers and advisers to engage with clients through social messaging channels such as WhatsApp and WeChat in a secure and compliant manner. The rollout follows the recent launch of Avaloq Wealth and forms part of a new stand-alone, core-agnostic suite of digital wealth management platforms.

Fabian Grande, Avaloq Group Product Manager, Engage Platform, said, “Avaloq Engage has been launched to allow wealth managers to benefit from socio-behavioural changes as digital channels have become an integral part of the customer journey. Face-to-face advice will remain a central part of wealth advisory but social channels have risen in importance in much the same way as telephone banking did decades ago. Keeping ahead of this fragmented environment, and turning it into a competitive advantage, is at the heart of Avaloq Engage.”

According to Avaloq, the Engage app allows relationship managers to service clients who use social messaging services and engage in real-time through chat, notification and video calls. It also offers news and content provision, semantic language processing and smart “client intent” detection, etc. It allows clients to interact with their relationship manager using their preferred channels and perform banking transactions.

Martin Greweldinger, Avaloq Group Chief Product Officer, said, “The wealth management sector is evolving, and it is evolving fast. Aspects of the market will remain the same, such as offering high levels of client service and competitive products. But digitalization is creating new challenges and opportunities. There are new market entrants, a focus on the new generation of wealth owners, including digital natives, and competition is fierce. Companies need to adapt to remain relevant, outcompete and succeed.”

Avaloq stated that it will also roll out another stand-alone platform Insight in the coming months.

Recently, Avaloq announced that it has signed an agreement with Belgium-based Banque Degroof Petercam. Under the new partnership, Avaloq will implement its Software as a Service (SaaS) as Degroof Petercam’s new core banking system with an aim to strengthen its IT platform as well as opportunities for growth.