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Security Bank to digitalize WM unit with Avaloq
Philippine private bank targets streamlined operations, enhanced client experience
The Asset 22 Feb 2024

Philippines-based Security Bank has partnered with wealth management (WM) technology and software provider Avaloq, with which it aims to digitalize its WM business and further streamline its operations while creating an enhanced client experience.

The 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 WM business in 2017, it has grown its WM assets under management (AUM) by a compound annual growth rate (CAGR) of 44% and has expanded its client base by a CAGR of 40%.

The bank’s new WM platform will automate and standardize workflows and enable it 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 Avaloq’s core platform, the bank can benefit from high straight-through processing and service accuracy rates for payments, securities and fund processing, which will improve operational efficiency and allow it to focus more resources on providing personalized service, creating new innovative offerings and expanding into new markets and client segments.

Avaloq’s relationship manager (RM) workplace solution will provide the bank’s RMs 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 RMs to offer tailored investment advisory services to a larger, more diverse client base.

Arnold Bengco, the bank’s financial markets head, says: “We’re confident our new platform will attract incremental investment AUM and help deepen customer relationships.”

Lucose Eralil, the bank’s executive vice-president and head enterprise technology and operations, adds: “With Avaloq’s specialized WM platform and RM workplace solution, we can further expand our WM business to help individuals and businesses in the region grow and preserve their wealth.”

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