Security Bank goes for digital wealth management with Avaloq

Philippines-based Security Bank has entered a new partnership with Avaloq as part of efforts to digitalise 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.

Since launching its wealth management business in 2017, the bank has grown its wealth management assets under management by a CAGR of 44% and has expanded its client base by a CAGR of 40%. 

To address the growing demand for bespoke wealth management services, Security Bank has partnered with Avaloq to drive the digitalisation of the bank, optimise its front office, and create a solid operational foundation for its continued growth over the long term.

The bank’s new 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 expects to benefit from high straight-through processing (STP) and service accuracy rates for payments, securities and fund processing, which will improve operational efficiency. 

This means that Security Bank can focus more resources on providing personalised service, creating new innovative offerings, and expanding into new markets and client segments.

Avaloq’s intuitive RM Workplace solution promises to provide Security Bank’s relationship managers with a complete overview of client profiles and portfolios, ensuring more targeted communication and simpler transaction management to boost productivity and foster closer client relationships. 

This will also enable the bank’s relationship managers to offer tailored investment advisory services to a larger, more diverse client base. The solution can be fully customised based on the bank’s needs and is seamlessly integrated with the Avaloq Core Platform.

“We continue to innovate our financial markets products to meet the evolving needs of our clients,” said Arnold Bengco, head of financial markets at Security Bank.

“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,” said Bengco.

Pascal Wengi, managing director for Asia Pacific, the Middle East and Africa at Avaloq, said that 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.