Zurich, Switzerland – Aiming to advance the digitalisation of the company’s wealth management operations in the country, Philippine-based Security Bank has recently teamed up with wealth management technology and software provider Avaloq.
This strategic initiative will leverage Avaloq’s core platform and relationship manager workplace solution to address the company’s increasing need for customised wealth management services.
Simultaneously, it further extends to enhancing its front office operations as well as establishing a strong operational foundation to support its long-term growth.
As a result, the company will be able to automate and standardise workflows, allowing them to provide more comprehensive investment advisory services and products for their high-net-worth clients.
They can also achieve high straight-through processing and service accuracy rates for payments, securities, and fund processing, leading to enhanced operational efficiency.
This efficiency will enable the bank to allocate more resources to personalised services, develop new innovative offerings, and expand into new markets and client segments.
Additionally, the platform’s user-friendly solution will equip the bank’s relationship managers with comprehensive insights into client profiles and portfolios. This will facilitate more personalised communication and streamlined transaction management, improving productivity and nurturing stronger client relationships.
Commenting on the partnership, 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.”
Lucose Eralil, executive vice president, head of enterprise technology and operations at Security Bank, also remarked, “This new partnership with Avaloq reflects our commitment to digitally transforming our bank to deliver exceptional value to our clients and stakeholders and to become the most customer-centric bank in the Philippines.”
“With Avaloq’s specialised wealth management platform and RM Workplace solution, we can further expand our wealth management business to help individuals and businesses in the region grow and preserve their wealth. I look forward to strengthening our partnership with Avaloq over the years to come,” Lucose added.
Meanwhile, Pascal Wengi, managing director for Asia-Pacific, the Middle East, and Africa at Avaloq, further stated, “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,” concluded Pascal.
