One of the best-capitalized private universal banks in the Philippines, Security Bank offers a range of services including asset management, leasing, foreign exchange, stock trading, and customized finance. The bank increased its clientele by a CAGR of 40% and increased its wealth management assets under administration by a CAGR of 44% since establishing its wealth management division in 2017. Based on these findings, Security Bank has been named Best for HNWs (high net worth) in the Philippines by Asiamoney for three years running (2023, 2022, and 2021). Security Bank has teamed up with Avaloq to advance the bank’s digitalization, streamline its front office, and lay the groundwork for long-term growth in response to the growing demand for customized wealth management services.
With the help of its new wealth management platform, Security Bank will be able to provide its wealthy and high net worth clientele with a comprehensive range of customized investment advising services and products by automating and standardizing operations. Security Bank will see increased operational efficiency as a result of high straight-through processing (STP) and service accuracy rates for payments, securities, and money processing provided by the Avaloq Core Platform’s native automation capabilities. As a result, Security Bank will have greater resources to devote to offering individualized service, developing fresh, cutting-edge products, and branching out into new markets and customer groups.
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.
Arnold Bengco, Financial Markets Head at Security Bank, said: “The bank’s strategic partnership with Avaloq will strengthen our wealth management capabilities even further. We continue to innovate our financial markets products to meet the evolving needs of our clients. 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.”
Lucose Eralil, Executive Vice President Head Enterprise Technology & Operations at Security Bank, 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. I look forward to strengthening our partnership with Avaloq over the years to come.”
Pascal Wengi, Managing Director for Asia Pacific, the Middle East and Africa at Avaloq, 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.”
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