Avaloq concluded its global series of community conferences for 2019 which were held in Zurich, Singapore, London and Frankfurt. A series of events that is dedicated to the banking era and is aimed at the Avaloq community, partners, decision makers and clients from top financial institutions.
Avaloq is one of the biggest wealth management software providers in the world and with the launch of avaloq.one, a collaborative platform to link banks and financial service providers with fintechs, it created a vibrant community that is set to underpin the next generation of financial services through embarking on a digital revolution journey. Avaloq.one aims to provide a new ecosystem where banks and wealth management companies can access proven fintech solutions and can work together with fintech solution providers to improve their business processes and utilize on a tailor-made approach encompassing an innovative offering and a high-level technological know-how.
We are an active part of this community as a fintech solution provider and participated in the 3 European events located in Zurich, London and Frankfurt where the members could interact with our products and meet our colleagues in person to talk about potential collaboration opportunities. With more than 100 community members attending each event an open knowledge sharing initiative resembled the community, ensuring a thriving environment for professionals to discuss new trends and opportunities which are arising in the industry.
The community clearly agrees on the following observations that financial service providers need to take for granted to be ready for the future:
- Digitalization is key for seamless customer onboarding and building trust between advisors and clients, allowing them to consult with their advisor through digital channels.
- Self-service digital tools where clients have access to all their investment options and portfolio information digitally on their mobile and can assemble their own portfolio based on product recommendations matching their profile, which can be sent to approval and is supervised by the financial advisor.
- The future is in the cloud, the majority of the financial service providers will use “as a service” as a technology-driven innovation platform, rather than BPO or on-premises software. Software as a Service (SaaS) is mainly present in the digital front office solutions rather than in the core back office systems and approx. 50% of the projects launched are now SaaS-based in the UK.
- Democratising wealth management can open up new segments serving tomorrow’s wealth today. Germany is among the top countries where the clients of a net wealth of over 1 million EUR are increasing and where the mass affluent segment is ever more popular in the industry.
- Open banking is seen as an opportunity rather than a threat, as it will empower customers and improve their experience. It is a hot topic in the UK but investment data aggregation is still in its infancy with only a few service providers.
- The role of data analytics & data science is increasingly important, managing the clients’ data allows financial service providers to gain more insights about their needs which should be accompanied by a clear business model-based approach.
To find out more about how we can help you in grounding your investment services with a digital investment ecosystem visit the avaloq.one website where you can request a demo of our My Wealth product, a revolutionary wealth management app, or contact us through our website.
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