Security Bank, a premier Makati-based private universal bank in the Philippines, has embarked on a significant digital transformation journey by partnering with Avaloq, a global leader in wealth management technology and software. This strategic alliance aims to revolutionize Security Bank’s wealth management business through the deployment of the Avaloq Core Platform and the Relationship Manager (RM) Workplace solution. This collaboration is set to enhance the bank’s operational efficiency and elevate the client experience, reinforcing Security Bank’s position as a pioneer in bespoke financial services.

Since the inception of its Wealth Management business in 2017, Security Bank has seen remarkable growth, with assets under management increasing by a Compound Annual Growth Rate (CAGR) of 44%, and its client base expanding by a CAGR of 40%. Recognized as the Best for High Net Worth individuals in the Philippines by Asiamoney for three consecutive years (2021-2023), the bank’s partnership with Avaloq is poised to further solidify its market leadership by optimizing front office operations and laying a robust operational foundation for sustained long-term growth.

The Avaloq Core Platform will automate and standardize Security Bank’s workflows, enabling the provision of a comprehensive range of personalized investment advisory services and products. With Avaloq’s advanced automation capabilities, the bank will achieve higher straight-through processing (STP) rates and service accuracy, focusing its resources on delivering personalized services, creating innovative offerings, and penetrating new markets and client segments.

The RM Workplace solution, specifically designed for relationship managers, will offer a holistic view of client profiles and portfolios, facilitating targeted communication and streamlined transaction management. This customization and integration with the Avaloq Core Platform are expected to significantly boost productivity and enhance client relationships, allowing the bank to cater to a more diverse and extensive client base with tailored investment advisory services.

Arnold Bengco, Financial Markets Head at Security Bank, expressed confidence that the strategic partnership with Avaloq would bolster the bank’s wealth management capabilities, attracting incremental investment AUM and deepening customer relationships. Lucose Eralil, Executive Vice President Head Enterprise Technology & Operations at Security Bank, highlighted the partnership’s role in driving the bank’s digital transformation to become the most customer-centric bank in the Philippines. Pascal Wengi, Managing Director for Asia Pacific, the Middle East, and Africa at Avaloq, reaffirmed Avaloq’s commitment to supporting Security Bank’s digitalization journey, emphasizing the potential for lasting client relationships and the growth of the Philippines’ wealth management sector.

This partnership between Security Bank and Avaloq represents a significant milestone in the digitalization of wealth management services in the Philippines. By leveraging Avaloq’s cutting-edge technology, Security Bank is poised to deliver a more personalized and efficient service to its high net worth and affluent clients. This initiative not only demonstrates the bank’s commitment to innovation and customer service excellence but also sets a new standard for wealth management in the region.

  Arnold Bengco, Avaloq, Fintech industry news, Lucose Eralil, Philippines, Security Bank, Wealth management