Geneva-based Banque Cramer & Cie SA has selected Avaloq’s Business Process as a Service (BPaaS) solution for a further 10-year term to support the institution’s future growth ambitions.
Avaloq, a long-term technology partner for the institution since 2011, was awarded the contract after a competitive tender process. The win underscores Avaloq’s commitment to serving, and growing its market share among, the Geneva-based private banking community.
The roots of Banque Cramer go back as far as the eighteenth century. The highly respected institution caters to a selected private and professional clientele through personalised portfolio management, advisory and wealth management services. Its clients are wealthy individuals and families, independent financial advisers and professional institutional investors.
The new 10-year contract sees Avaloq’s partnership with Banque Cramer expanded with additional tools and functionalities, such as Front Workplace, to enable the bank to enhance its market proposition and competitive positioning even further. Over the prior eight years, Avaloq has helped Banque Cramer to simplify and upgrade its IT systems, allowing the bank to focus on customer service and growing the business both organically and through acquisitions, including the acquisitions of Banque de Dépôts et de Gestion in 2013 and Valartis Bank (Schweiz) AG in 2014, both of which were brought onto Banque Cramer’s Avaloq platform in less than three months.
The delivery of BPaaS and Software as a Service (SaaS) solutions to the wealth management and private banking sectors has become a primary strength and driver of growth to Avaloq as institutions across the world look to capitalise on best-of-breed digital infrastructures to remain competitive, agile and customer focused while remaining cost efficient.
In November this year, Avaloq was recognized as a Leader in the 2019 NelsonHall NEAT vendor evaluation for Wealth & Asset Management Services, one of the most comprehensive such assessments globally. In September it was named Overall Winner in the 2019 XCelent European Wealth Management Technology Vendors report - Europe’s most influential market accolade and further testament to the market-leading capabilities of the Avaloq Banking Suite.
Marc-Henri Balma, Chief Operating Officer of Banque Cramer, said: “Outsourcing our IT and back-office functions to Avaloq’s BPaaS has enabled us to export operational and development risks and to become more competitive. Avaloq has put a tremendous amount of resources and effort to develop a much more flexible, efficient solution, supported by a state-of-the-art platform that, through its large and growing ecosystem, should continue to respond to our needs and develop solutions that offer new services and opportunities.”
Mathias Schütz, Avaloq’s Country Head for Switzerland and the Principality of Liechtenstein, said: “We are, of course, delighted that we have won what was a very competitive tender to continue to work with Banque Cramer. The institution is a long-term partner and has seen first-hand the benefits that Avaloq’s BPaaS suite can deliver and the wider benefits in an increasingly competitive banking market in Switzerland. We thank the team at Banque Cramer for their continued support and look forward to growing our relationship even further.”