Security Bank Corporation, one of the universal banks in the Philippines is planning to digitalise its wealth management business.
The bank has partnered with wealth management technology provider Avaloq to streamline its operations while enhancing its client experience.
Security Bank's executive vice president head for enterprise technology and operations, Lucose Eralil said the bank can expand its business with Avaloq’s specialised platform and Relationship Manager (RM) Workplace solution, helping individuals and businesses to grow and preserve wealth.
Security Bank provides bespoke financing, leasing, foreign exchange, stock brokerage, investment banking, and asset management services.
Since launching its wealth management business in 2017, the bank has grown its wealth management assets and client base.
Eralil said the bank decided to optimise its front office, automate end-to-end processes from order entry to reporting and create a solid operational foundation for its continued growth over the long term.
The newly planned wealth management platform will automate and standardise workflows, enabling the bank to offer many bespoke investment advisory services and products for high-net-worth and affluent clients.
With native automation capabilities of the Avaloq Core Platform, Security Bank can also benefit from high straight-through processing (STP) and service accuracy rates for payments, securities and fund processing, thus improving operational efficiency.
Eralil said this will enable them to focus more on resources and providing personalised service, creating innovative offerings, and expanding into new markets and client segments.
The other RM Workplace solution provides relationship managers with a complete overview of client profiles and portfolios, ensuring more targeted communication and simpler transaction management to boost productivity and foster closer client relationships.
Security Bank hopes this move will attract incremental investment (assets under management) AUM and deepen customer relationships.
