The Avaloq group, an international leader in integrated and comprehensive banking solutions, and HSBC Private Bank announce the signing of contracts for the Avaloq Banking Suite. HSBC Private Bank will deploy the Avaloq solution for its global private banking business.
HSBC Private Bank and Avaloq have signed an agreement for the Avaloq Banking Suite in December 2013. The fully integrated banking solution is to be deployed on a worldwide basis to support HSBC Private Bank's global private banking business. In a first step the solution will be implemented at HSBC Private Bank's entities in Switzerland, Luxembourg, Monaco, Guernsey and Bermuda, before a wider rollout in other global entities. The Avaloq Banking Suite is an integrated and comprehensive solution for financial institutions such as wealth managers, private and retail banks. The modular solution ranges from the front via the middle to the back office and is in use at the most demanding financial centres around the world.
Avaloq has been awarded the contract following a rigorous evaluation process. The main reason for HSBC Private Banks's decision was the Avaloq Banking Suite's ability to support a global business model as well as its functional richness. Avaloq's long lasting experience in the financial sector and its worldwide community of leading banks were additional integral factors in HSBC Private Bank's decision making process. Avaloq methodically monitors and rapidly addresses the demands of the regulatory environment on a global basis, also leveraging the insights from its user community.
The Avaloq Banking Suite supports HSBC Private Bank in simplifying and standardising processes on a global scale and in centralising its operations where desired. HSBC Private Bank gains efficiency from a shorter time to market of new products and services. HSBC Private Bank's clients will benefit from a seamless service offering on a global level and a coherent set of products.
"The functional richness and the international deployment capabilities are just two of the main reasons why we decided to go with the Avaloq Banking Suite for our private banking business," says John Armstrong, Chief Operating Officer, Global Private Banking at HSBC. "Through the implementation of the Avaloq Banking Suite we will significantly improve our operational efficiency, levels and consistency of customer service, while also improving our cost structure. These are integral factors in ensuring that our private banking business maintains its high quality standards, which is fundamental to an enriched private banking client experience."
Francisco Fernandez, CEO of Avaloq, comments: "I am delighted that one of the largest banks in the world will soon be working with our solution. This is a fantastic success with another tier one bank, and a further milestone in the growth of our market share in this segment. It demonstrates that Avaloq can meet and exceed the requirements of any financial institution worldwide - regardless of the location and the individual requirements."