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Security Bank joins Avaloq to digitise its wealth management business

By Gloria Mathias

February 23, 2024

  • Africa
  • APAC news
  • Banking technology
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Security Bank, Banking technology, Fintech News, Fintech Solutions, BankTech, Wealth Management, Software technology, Philippines, Africa, Makati-based Security Bank has entered into a new partnership with Avaloq, a wealth management technology and software provider.

The bank aims to digitalize its wealth management business with the Avaloq Core Platform and to roll out Avaloq’s Relationship Manager (RM) Workplace solution to strengthen its front office. The new partnership will further streamline the bank’s operations while creating an enhanced client experience.

Security Bank has partnered with Avaloq to drive the digitalization of the bank, optimise its front office, and create a solid operational foundation for its continued growth over the long term.

The bank’s wealth management platform will automate and standardise workflows and enable Security Bank to offer a full spectrum of bespoke investment advisory services and products for its high-net-worth and affluent clients. With the native automation capabilities of the Avaloq Core Platform, Security Bank can benefit from high straight-through processing (STP) and service accuracy rates for payments, securities, and fund processing, which will improve operational efficiency.

Arnold Bengco, Financial Markets Head at Security Bank, said, “The bank’s strategic partnership with Avaloq will strengthen our wealth management capabilities even further. We continue to innovate our financial market products to meet the evolving needs of our clients. With this acute focus to deliver tailored solutions and a distinct BetterBanking service, we’re confident our new platform will attract incremental investment AUM and help deepen customer relationships with our bank.”

Pascal Wengi, Managing Director for Asia Pacific, the Middle East, and Africa at Avaloq, said, “We are firmly committed to supporting Security Bank on its digitalization journey across the front, middle, and back offices. By automating end-to-end processes, from order entry to reporting, the Avaloq Core Platform will provide the operational foundation for the future growth and success of the bank’s wealth management business. At the same time, our RM Workplace solution will empower the bank’s relationship managers, helping them to build lasting relationships with their clients. We are proud to work closely with Security Bank to support the growth of the Philippines’ wealth management sector.”

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