Publicly traded banking and financial institution Alliance Bank Malaysia Berhad has announced its partnership with software house and IT services provider Comarch to launch a digital wealth platform.
The Comarch Wealth Management system will allow the bank’s customers to view their financial information, including their investment portfolio, insurance policies, loans, and other financial products, through the allianceonline mobile app 24/7.
The platform will support digital communication and interaction through chat and video-conferencing capabilities between relationship managers (RM) and their clients, enhancing the client-bank relationship.
Clients will benefit from the investment offering through digital channels, utilizing an API library to access a consolidated wealth picture, place orders, and authorize recommendations from the RM channel, according to the announcement.
The digital wealth platform forms part of the Malaysian bank’s efforts to transform its wealth management services by providing digital wealth investment advice and enhancing its technical and business capabilities.
In the next five years, Alliance Bank Malaysia targets to grow its wealth management business by doubling its current compounding growth rate, according to Kellee Kam, Group Chief Executive Officer of Alliance Bank.
“With our strong belief in the ongoing expansion of the wealth segment in Malaysia, we see the wealth management platform as an important tool that will allow us to deliver a compelling digital wealth proposition to better serve our clients,” Kam said.
Comarch, which has over 30 years of experience as a software and IT services provider, expanded its operations in Asia by establishing offices in Thailand, Malaysia, South Korea, and Japan. It is headquartered in Poland.
The wealth management system that it will launch with Alliance Bank will include various functionalities, such as Advisor Front-Office, which supports crucial bankers’ activities, including client and task management, 360-degree customer views, sales support, campaign management, investment advisory, and more.
“The cooperation with Alliance Bank gives us the opportunity to expand further into the ASEAN market. Our wealth management solution, well-proven in European markets, is a compelling choice for the most innovative banks in Asia,” said Andrzej Przewięźlikowski, Board Member of Comarch Financial Services Division.