Security Bank, headquartered in Makati, has formed a new relationship with Avaloq, a prominent provider of wealth management tools and technology.
With the help of the Avaloq Core Platform, the bank hopes to streamline its wealth management operations and fortify its front office by implementing Avaloq’s Relationship Manager (RM) Workplace solution.
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The alliance will improve customer satisfaction while simplifying the bank’s operations.
Security Bank is one of the Philippines’ privately owned universal banks, offering bespoke lending, leasing, foreign exchange, stock trading, investment banking, and asset management services.
To meet the rising demand for tailored wealth management services, Security Bank joined forces with Avaloq to advance the bank’s digitalisation, improve its front office, and lay the groundwork for its future growth.
Benefits of the partnership
The bank’s new wealth management framework will automate and unify procedures, allowing Security Bank to provide a comprehensive range of tailored investment advice services and solutions to its high net worth and wealthy clientele.
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By GlobalDataSecurity Bank will see improved productivity as a result of high straight-through processing (STP) and service accuracy rates for payments, securities, and money processing provided by the Avaloq Core Platform’s innate automation features.
As a result, Security Bank will have greater resources to devote to offering personal attention, developing fresh, innovative offerings, and branching out into new markets and customer groups.
Lastly, Security Bank’s relationship managers will benefit from Avaloq’s intuitive RM Workplace solution, which offers a complete perspective of customer profiles and portfolios, allowing for enhanced communication and easier transaction administration, boosting productivity, and fostering stronger client connections.
This will also allow the bank’s relationship managers to provide specific investment advising services to a greater variety of clientele. The solution is adaptable to meet the bank’s distinctive needs and integrates easily with the Avaloq Core Platform.
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 markets products to meet the evolving needs of our clients. With this acute focus to deliver tailored solutions and 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, added: “We are firmly committed to supporting Security Bank on its digitalisation journey across the front, middle and back office. 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.”
