Philippines-based lender Security Bank has teamed up with Swiss financial software provider Avaloq, to digitalise its wealth management business with the Avaloq Core Platform.

In addition to digital transformation, the bank will also roll out Avaloq’s relationship manager (RM) workplace solution to strengthen its front office.

Security Bank is a well-capitalised private universal bank in the Philippines, providing financing, leasing, foreign exchange, investment banking, and asset management services.

In 2017, the bank launched its Wealth Management business and expanded its wealth management assets under management by a CAGR of 44% and its client base by 40%.

To address the growing demand for wealth management services, Security Bank has teamed up with Avaloq to enable digitalisation and optimise its front office.

The bank will leverage the Avaloq Core Platform’s native automation capabilities.

Also, it will benefit from Avaloq’s high straight-through processing (STP) and service accuracy rates for payments, securities, and fund processing, to improve operational efficiency.

Security Bank said the new partnership with Avaloq will further strengthen its operations while improving client experience.

Security Bank executive vice president and enterprise technology and operations head Lucose Eralil said: “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 specialized 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.

Security Bank financial markets head Arnold Bengco said: “The bank’s strategic partnership with Avaloq will strengthen our wealth management capabilities even further. We’re confident our new platform will attract incremental investment AUM and help deepen customer relationships with our Bank.”

Security Bank said that the partnership with Avaloq will help focus on providing personalised service, creating new advanced offerings, and expanding into new markets and client segments.

Its new wealth management platform will automate workflows and help the bank provide a full spectrum of investment advisory services for its high-net-worth and affluent clients.

With Avaloq’s RM Workplace solution, the bank’s relationship managers can have a complete overview of client profiles and portfolios and offer customised investment advisory services.

The solution will ensure more targeted communication and simpler transaction management to enhance productivity and strengthen closer client relationships.

Also, the RM Workplace solution can be fully customised according to the bank’s needs and can be easily integrated with the Avaloq Core Platform.

Avaloq Asia Pacific, the Middle East and Africa managing director Pascal Wengi said: “We are firmly committed to supporting Security Bank on its digitalization 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.”

In August 2022, UnionBank partnered with Avaloq to continue the digital transformation of its wealth management business with the Avaloq Core Platform.