Makati-based Security Bank has entered a new partnership with Avaloq, a leading provider of wealth management technology and software. 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 is one of the Philippines’ best-capitalized private universal banks, providing bespoke financing, leasing, foreign exchange, stock brokerage, investment banking, and asset management services. 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%. For these results, Asiamoney has recognized Security Bank as Best for HNWs (high net worth) in the Philippines for three consecutive years in 2023, 2022 and 2021. To address the growing demand for bespoke wealth management services, Security Bank has partnered with Avaloq to drive the digitalization of the bank, optimize 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 standardize 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. Thanks to 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. This means that Security Bank can focus more resources on providing personalized service, creating new innovative offerings, and expanding into new markets and client segments.
Avaloq’s intuitive RM Workplace solution will 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 customized based on the bank’s needs and is seamlessly integrated with the Avaloq Core Platform.
