Above industry average R&D investments pave way for success
The Avaloq group, the reference for integrated and comprehensive banking solutions, today announced that its Avaloq Banking System was rated bestselling private banking solution in the 2013 IBS Sales League Table. Foundation of the successful international market penetration is Avaloq’s strong determination for product development. Avaloq in 2012 invested above industry average and spent over 50 per cent of its product related turnover on research and development.
IBS Intelligence has ranked the Avaloq Banking System in the top position for private banking solutions in its 2013 Sales League Table. The 2013 IBS Sales League Table is a barometer for international core banking systems’ sales activity, covering January to December 2012. The top position confirms Avaloq’s strong performance in the private banking sector and successful internationalisation strategy.
Avaloq sees the ranking as proof of its strategy to continuously spend significantly above industry average on research and development. The funds are made available by Avaloq to further invest in the industrialisation of the banking sector: namely to increase the productivity at the front and the efficiency of the middle and the back office of banks. The investments are decisive for Avaloq to continue setting the operational standards for banks.
Avaloq further finances the development of its Avaloq Front Suite and its innovative client facing services and applications. Simultaneously, the company continues to invest in its Avaloq Tools, which help banks reduce their TCO, increase their agility and enable the bespoke customisation of the Avaloq Banking System.
Avaloq confirmed to spend in 2013 over USD 90 million in product development. As a result, the banking solutions provider has picked up deals both in the private and retail banking sectors in various countries in the last 12 months: France, Spain, Hong Kong, Singapore, Australia, Switzerland, Luxembourg and Germany.
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