With the help of the Avaloq Core Platform, the bank hopes to digitize its wealth management operations and fortify its front office by implementing Avaloq's Relationship Manager (RM) Workplace solution. The new alliance will improve customer satisfaction while further streamlining the bank's operations.

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.
 

Relationship managers at Security Bank will have a comprehensive perspective of client profiles and portfolios thanks to Avaloq's user-friendly RM Workplace solution. This will enable more focused communication and easier transaction management to increase efficiency and develop stronger client connections. Additionally, a wider range of clients will be able to receive customized financial advising services from the bank's relationship managers thanks to this. The solution is easily linked with the Avaloq Core Platform and can be fully tailored to the bank's requirements.
 

"The bank's strategic partnership with Avaloq will strengthen our wealth management capabilities even further," stated Security Bank's head of financial markets, Arnold Bengco. In order to satisfy our clients' changing needs, we never stop innovating our financial markets products. We are certain that our new platform will draw additional investment AUM and contribute to strengthening customer relationships with our bank because of our acute emphasis on providing customized solutions and unique BetterBanking services.
 

"This new partnership with Avaloq reflects our commitment to digitally transform our bank to deliver exceptional value to our clients and stakeholders and to become the most customer-centric bank in the Philippines," stated Lucose Eralil, Executive Vice President, Head Enterprise Technology & Operations at Security Bank. We can build our wealth management company and assist local businesses and people in protecting and growing their wealth by utilizing Avaloq's specialist wealth management platform and RM Workplace solution. I'm looking forward to growing our collaboration with Avaloq in the upcoming years.
 

"We are firmly committed to supporting Security Bank on its digitalization journey across the front, middle, and back office," stated Pascal Wengi, Managing Director of Avaloq for Asia Pacific, the Middle East, and Africa. The Avaloq Core Platform automates order entry through reporting, laying the operational groundwork for the bank's wealth management division's future expansion and prosperity. The bank's relationship managers will be empowered by our RM Workplace solution, which will also assist them in creating enduring bonds with their customers. We are honored to collaborate closely with Security Bank in order to foster the expansion of the wealth management industry in the Philippines.