Finantix, a global provider of component-based, front-office solutions, today announced that Allied Irish Banks (AIB), the leading banking and financial services group in Ireland, has selected Finantix to support its Wealth Management Programme.
The new deal follows the successful implementation of Finantix's advice-led sales components in the bank's retail branch network in Ireland. The bank will benefit from Finantix's functionally rich and flexible technology solutions and from its proven ability to deliver business critical applications on schedule.
AIB, which operates principally in Ireland, UK, Poland and US, is committed to a business strategy which focuses on developing mutually rewarding customer relationships. The new Wealth Management Programme for high net worth clients is a key part of this strategy.
Steve Lynott, Technology Stream Lead, Wealth Management Programme, AIB says: "As we consolidate and expand our wealth management business, it's crucial for us to meet our customers' expectations with a unique and effective service model. With Finantix's technology, our Group's wide product range and our specialist professional wealth team, our high-net worth clients will benefit from enhanced, consistent wealth services today, and exciting innovative developments in the future."
AIB signed the deal with Finantix in April 2008, following an extensive evaluation process. Finantix will install its component-based J2EE technology in AIB's Dublin headquarters. The system, which will be utilised nationwide by AIB's wealth relationship managers, will feature rich wealth management functionalities including a holistic client view, portfolio monitoring and enhanced personalised wealth strategy services. Finantix's technology will offer AIB a scalable, cost-effective system and the ability to go live with the first phase of implementation in Q4 2008.
The wealth management deal follows the record three-month implementation of Finantix's advice-led sales components supporting AIB's retail operations. In this division, Finantix serves 2,500 users in the bank's branch network and its contact centre.
Alessandro Tonchia, strategy director, Finantix comments: "In an increasingly competitive market, it's crucial for banks in the wealth management field to shift their focus from products to a customer centric approach. This is the key to building profitable, long-lasting relationships with customers. With our expertise in wealth management, we will support AIB in gaining valuable customer insight, reduced time-to-market for new products and enhanced service levels."