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Avaloq wins first retail bank in Germany

İşbank AG has signed up for the Avaloq Banking Suite across its European banking business to simplify and standardise processes, maintain high quality standards and improve its operational efficiency.

Based in Frankfurt/Main, Germany, İşbank AG is the European subsidiary of the largest private Turkish bank and industrial corporation Türkiye İş Bankası A.Ş. The bank is a corporate and retail bank with a broad client base in Germany as well as in France, Switzerland, Bulgaria and the Netherlands.

The bank’s international growth strategy requires a flexible and modern technical platform. In line with İşbank’s group policy, the bank will operate the Avaloq Banking Suite as its new core banking system in a deployed mode.

The migration to Avaloq will enable İşbank to benefit from a high innovation rate as well as community synergies, particularly those concerned with new and emerging industry regulations.

Klaus Rausch, General Manager Central and Eastern Europe at Avaloq, explains: “Previously any regulatory changes led to incurring costs which İşbank had to cover independently. Within the Avaloq community, investments in the development of standardised regulatory solutions can be shared.”

He continues: “We are delighted to welcome İşbank to the growing Avaloq community. İşbank AG is our first customer from the retail segment in Germany, and the seventh customer in Germany overall. This will further increase Avaloq’s footprint in the country, supporting our continued growth in 2015 and beyond.”

Burak Seyrek, CEO of İşbank AG, says: “The introduction of the Avaloq Banking Suite will contribute significantly to İşbank’s future growth through the increase of efficiency and agility. We will improve the data quality in our core banking system while facilitating access to data, even between different countries. What’s more, due to the flexibility of the system, we will have the ability to effectively adapt to changing requirements in terms of reporting, market conditions or regulations at a much faster pace.”