Smith & Williamson, the UK-based financial and professional services firm, has further enhanced its relationship with international fintech leader Avaloq by adopting its comprehensive Software as a Service (SaaS) solution.
The move comes six months after Smith & Williamson selected Avaloq to help enhance the delivery of investment management services to its clients and support the continued growth of the business through the Avaloq Banking Suite. The move will allow Smith & Williamson to roll out new, adaptable products and services to its clients faster than ever before.
Avaloq is one of the world’s leading providers of SaaS and BPaaS solutions to financial services institutions, such as private banks and wealth managers. With SaaS, Avaloq delivers its software at scale, using its experience of working with more than 150 institutions to refine and adjust a standard set of industrial-grade, best-in-class, compliance-ready processes that can be made available to every institution that needs them, based on a single consistent data model. For firms such as Smith & Williamson, SaaS models offer greater levels of accessibility, flexibility and scalability.
The latest deal with Smith & Williamson further increases Avaloq’s share of the UK wealth management community – other UK customers include Canaccord Genuity Wealth Management and Coutts. This sector, which is seeing a large number of firms embarking on major digitisation projects to become more competitive, is a key growth market for Avaloq.
Mark Prior, Head of IT at Smith & Williamson, said: “Our decision to adopt Avaloq’s SaaS forms part of our commitment to invest significantly in technology over the next five years and ensures the firm is well-positioned for continued growth. As IT systems become more complex and more business critical, Avaloq will ensure our system will be supported, maintained and operated by leading technology experts. Through SaaS, we expect to receive high levels of support and availability via a single point of accountability, while always benefitting from the latest software in the market.”
Paco Hauser, General Manager EMEA at Avaloq, said: “Smith & Williamson is a great example of a leading financial services firm leveraging Avaloq’s SaaS solution to transform its operating model. We’re delighted the firm has sought to further develop its relationship with us in such a short space of time.”
Jonathan Davis, UK Managing Director at Avaloq, added: “As a company, we are focused on delivering highly differentiated, value-add solutions that support our clients’ aspirations for growth in a competitive investment management market. Avaloq is delighted to be a strategic pillar of support as firms like Smith & Williamson take the next step to realize bottom-up growth.”