Avaloq to implement SaaS solution as Degroof Petercam’s new core banking system

By Megha Bhattacharya

Avaloq announced today 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.

Uwe Krakau, Regional Manager for EMEA, Avaloq, said, “We are absolutely delighted to welcome Banque Degroof Petercam as a client. An institution of this calibre, market presence and heritage once again underscores the strength and competitiveness of our SaaS offering and the central role Avaloq and our products are playing in the digital evolution of the wealth management industry. We are particularly pleased to have secured such a prestigious new client during a period of deep market disruption caused by the pandemic which, we believe, showcases the many advantages of a cloud-based service proposition.”

Avaloq stated that its SaaS solution would reduce the complexity of the legacy infrastructure and deliver integrated regulatory compliance. The SaaS platform will allow Degroof Petercam to focus resources on growth opportunities such as product innovation, new business models and channel development.

Recently, Avaloq announced a new partnership with AI startup Enterprise Bot. The collaboration will see Avaloq offering Enterprise Bot’s conversational customer service software to its banking and wealth management clients.

Bruno Colmant, CEO, Degroof Petercam, said, “Avaloq’s SaaS solution will enable us to yield benefits in terms of productivity, client centricity, risk avoidance, technical and business agility. It will contribute to enhance our product and digital offerings and further support our business model. The digitalization of the financial services sector continues at pace, and institutions such as ours need to adapt – and continue to remain agile and open to new opportunities – to maintain our leadership position.”