DBS, one of the first customers of banking software developer Avaloq, has decided to strengthen this partnership with the aim of improving the customer experience. The bank aims to become a technology company in its own right by investing more in the development of its digital solutions.
Refine customer solutions and accelerate technology-based growth projects
Singaporean bank DBS has announced plans to extend its partnership with Avaloq, which provides financial institutions with solutions to enhance the overall customer experience. The banking group's wealth management division aims to offer more effective advisory services and customized solutions to its customers by leveraging the platform developed by the Swiss provider.
Avaloq will also support the bank in modernizing its architecture, focusing on APIs, microservices, OpenShift containerization and cloud-native applications. The aim: to seize market opportunities and meet the growing need for digital services.
The partnership between DBS and Avaloq began in 2009. The bank is now convinced of the need to place technology at the heart of its services, and is counting on the banking software developer to support it in this process. For its part, Avaloq is committed to helping the banking group achieve its growth objectives by developing its activities.
Avaloq continues to expand in the Asia-Pacific region
Nearly 158 banks and asset managers already place their trust in Avaloq, the only independent provider in the financial services sector that not only develops, but also designs its own software. Indonesia's largest banking group, PT Bank Mandiri Tbk, recently chose its Avaloq Banking Suite solution to bolster its wealth management unit, which has almost USD 14 billion in assets under management.
Last November, Avaloq Bank Suite was also adopted by Malaysia's Maybank Group, which aims to offer its customers enhanced services while strengthening risk management and portfolio supervision. Maybank Premier customers will be able to access richer services and product offerings thanks to the Avaloq solution.
Finally, in January 2020, the company won a contract with Swiss bank Cramer. The bank, which has been working with Avaloq since 2011, has signed for a further ten years.
The Swiss provider continues to expand in the Asia-Pacific region, winning new customers and strengthening its strategic partnerships. In this region, in addition to DBS Bank and Maybank, Avaloq works with Kasikorn Bank (Southeast Asia), Agricultural Bank of China, China Industrial Bank and China CITIC Bank International (North Asia). This success is due to Avaloq's ability to meet complex needs in the wealth management market.