In its Version 1.0, the new Avaloq product suite boasts many features including a multichannel-compatible Financial Planning Module and a Mobile Banking Solution. The first version of the Avaloq front office solutions is scheduled for release already at the end of 2011.The Avaloq front office solutions are seamlessly integrated into the middle and back office processes of the Avaloq Banking System. What this means is that bank transactions can be initiated via mobile devices. Considered are, in a first step, transactions such as payments and securities orders, which can be processed without any further manual intervention (straight-through processing, STP). Extensive personalisation and branding opportunities give banks new ways to stand out from the competition.
The Financial Planning Modul – A Revolution in Customer Dialogue
With the new Financial Planning Module, the customer adviser will be able to enhance personal dialogue with bank customers in ways which were previously not possible: having unfettered access to all essential customer and investment information via a touchscreen or tablet PC will enable the customer adviser in consultations and in close interaction with the customer, to:
• conduct risk analyses,
• determine investment objectives,
• generate investment proposals automatically or manually, and even
• initiate contracts directly in the system for any investment decisions taken.
“We received a large amount of valuable input from our community of employees, customers, partners and universities regarding this unique innovation which was then integrated directly into the product development process,” explains Klaus Rausch, CTO of Avaloq. “The quality of the data available and their processing in real time together with novel interaction possibilities create an attractive banking experience for advisers and customers alike.”
Image Financial Planning Modul
The Mobile Banking Application – A Customer Service Available Day and Night
Avaloq has also developed a mobile solution which goes far beyond conventional online-banking solutions. The new Mobile Banking Application from Avaloq is a 24/7 self-service store smartphone users can use to • call up account information,
• activate payments,
• manage credit cards,
• manage documents,
• communicate with the bank and
• carry out numerous other tasks.
“Our Mobile Banking Application will change the way bank customers use new technologies to conduct their financial matters,” states Reto Marti, the architect of the Avaloq Front Initiative. “Mobile banking is the logical extension of e-banking – we might even say next-generation e-banking: it is even quicker, more locationindependent, offers more functionality and is more interactive.”
Image Mobile Banking
Modules such as the Financial Planning Application or the Mobile Banking Application are based on a scalable, robust und secure platform: the Avaloq Front System (AFS).
Francisco Fernandez, CEO of Avaloq, sums up the company’s position: “We are currently seeing that some banks with new front office solutions are repeating the mistakes made ten years ago in the middle and back office domains. The solutions are not integrated and fragmented architectures of this type are costly to maintain, insufficiently flexible and provide inadequate data quality. We at Avaloq develop integrated architectures which allow our customers to enjoy the same continuity on the customer front as well.”
The Avaloq Research & Development Department is already pioneering the future of banking with business models such as monetary transactions via Smartphone and NFC, peer-to-peer credits, community banking and the use of social media in the consulting process.