Degroof Petercam and Avaloq announce signing of agreement to implement Avaloq’s Software as a Service (SaaS) solution as Degroof Petercam’s new core banking system.
This new solution will transform Degroof Petercam’s IT platform and better position the institution for growth and new opportunities.
As part of its business strategy and digital transformation programme, Belgium-based Banque Degroof Petercam selected Avaloq after a highly competitive tender process and opted for the Swiss provider’s award-winning SaaS proposition for multiple reasons. Key factors were its functionality, speed and agility. It also delivers long-term, scalable cost benefits while significantly reducing the complexity of the legacy infrastructure and delivering integrated regulatory compliance. Highly secured cloud-based SaaS platforms allow institutions such as Degroof Petercam to focus resources on top-line growth opportunities such as product innovation, new business models and channel development. This latest win further cements Avaloq’s leadership position in wealth management software and technology.
As a leading provider of SaaS to wealth managers and private banks, Avaloq is seeing strong demand for this type of agile, efficient solution as financial institutions are increasingly undertaking in-depth digitalization projects to compete in the digital era. With this win, Avaloq continues its global expansion by delivering significant value for its clients as digital transformation, flexible business models and increased automation are driving the future of the wealth management industry.
Uwe Krakau, Regional Manager for EMEA, Avaloq, said: “We are absolutely delighted to welcome Banque Degroof Petercam as a client. An institution of this calibre, market presence and heritage once again underscores the strength and competitiveness of our SaaS offering and the central role Avaloq and our products are playing in the digital evolution of the wealth management industry. We are particularly pleased to have secured such a prestigious new client during a period of deep market disruption caused by the pandemic which, we believe, showcases the many advantages of a cloud-based service proposition.”
Bruno Colmant, CEO, Degroof Petercam, said: “Avaloq’s SaaS solution will enable us to yield benefits in terms of productivity, client centricity, risk avoidance, technical and business agility. It will contribute to enhance our product and digital offerings and further support our business model. The digitalization of the financial services sector continues at pace, and institutions such as ours need to adapt - and continue to remain agile and open to new opportunities - to maintain our leadership position.”