Top banking and wealth management leaders from around the world recently met for an exclusive event held in London by leading fintech company, Avaloq. As part of the summit, research results highlighting innovation and operational efficiency in the financial industry were unveiled.
Over 100 people attended the annual event to hear Avaloq’s future plans and solution updates. Delegates gained insights from customer presentations, including Barclays, Deutsche Bank, BT Financial Group, Nord/LB, Liechtensteinische Landesbank and Raiffeisen Switzerland. Orbium, one of Avaloq’s premium implementation partners, sponsored the event.
The keynote speech was delivered by Francisco Fernandez, Avaloq’s CEO, while guest speakers included disruptive market strategist, Dietmar Dahmen and global economic expert, Professor Stéphane Garelli from IMD Lausanne.
The summit followed a record financial year for Avaloq in 2015, reporting revenues of almost CHF 500 million, building on an average growth of almost 20 per cent year on year for the past five years.
Led by the motto, “building bridges between technology and business”, the Executive Circle of top banking and wealth management leaders discussed innovation in digital client experience, operational excellence and the changing architecture of the financial markets.
One of the highlights was the launch of research conducted by WealthBriefing, in collaboration with Avaloq and Deloitte. Based on interviews with 65 financial institutions worldwide, the research focused on Business Process Outsourcing (BPO) and Digital Innovation in Banking. The results showed client experience is the number one driver of innovation in banking, with BPO responses highlighting a focus on core business as the key industry driver to outsourcing; closely followed with quality and efficiency.
Francisco Fernandez says, “Over the two days, we engaged with the leaders from the Avaloq Community to demonstrate how Avaloq builds bridges between business and technology, between banks and fintechs, and financial products and advisory. The summit event has again shown our solutions are already a success factor for banks and wealth managers today and we’re proud to be on their side in tomorrow’s sharing and social economy.”
The presentations highlighted Avaloq’s innovative front office and advisory workplace, with integrated case management capability, to provide a dynamic and personalised user experience based on each case. It demonstrated how the virtual on-boarding process enables a bank client to open an online account in just eight minutes – including virtual identification. Finally, Avaloq showcased its back office portal and digital banking as a service, further highlighting its new digital technologies and the extension of its managed banking services offerings.
Based on its own market research amongst Swiss banks, Avaloq has seen its solutions outperform other technologies. Since 2010, Avaloq has identified the overall cost-income ratio among banks has increased by 11pp. For banks utilising a deployed Avaloq solution, this value has decreased by 1pp and those using Avaloq BPO solutions have seen the value decrease by 6pp in the same period.