Security Bank drives digital transformation of wealth management business with Avaloq

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Makati-based Security Bank has entered a new partnership with Avaloq, a leading provider of wealth management technology and software.

The bank aims to digitalize its wealth management business with the Avaloq Core Platform and to roll out Avaloq’s Relationship Manager (RM) Workplace solution to strengthen its front office.

The new partnership will further streamline the bank’s operations while creating an enhanced client experience.

Security Bank is one of the Philippines’ best-capitalized private universal banks, providing 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 under management by a CAGR of 44% and has expanded its client base by a CAGR of 40%. For these results, Asiamoney has recognized Security Bank as Best for HNWs (high net worth) in the Philippines for three consecutive years in 2023, 2022 and 2021.

To address the growing demand for bespoke wealth management services, Security Bank has partnered with Avaloq to drive the digitalization of the bank, optimize its front office, and create a solid operational foundation for its continued growth over the long term.

The bank’s new wealth management platform will automate and standardize workflows and enable Security Bank to offer a full spectrum of bespoke investment advisory services and products for its high net worth and affluent clients.

Thanks to the native automation capabilities of the Avaloq Core Platform, Security Bank can benefit from high straight-through processing (STP) and service accuracy rates for payments, securities and fund processing, which will improve operational efficiency. This means that Security Bank can focus more resources on providing personalized service, creating new innovative offerings, and expanding into new markets and client segments.

Avaloq’s intuitive RM Workplace solution will provide Security Bank’s 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. This will also enable the bank’s relationship managers to offer tailored investment advisory services to a larger, more diverse client base. The solution can be fully customized based on the bank’s needs and is seamlessly integrated with the Avaloq Core Platform.

Arnold Bengco, Financial Markets Head at Security Bank, saids: “The bank’s strategic partnership with Avaloq will strengthen our wealth management capabilities even further. We continue to innovate our financial markets products to meet the evolving needs of our clients. With this acute focus to deliver tailored solutions and distinct BetterBanking service, we’re confident our new platform will attract incremental investment AUM and help deepen customer relationships with our Bank.”

Lucose Eralil, Executive Vice President Head Enterprise Technology & Operations at Security Bank, said: “This new partnership with Avaloq reflects our commitment to digitally transforming our bank to deliver exceptional value to our clients and stakeholders and to become the most customer-centric bank in the Philippines. With Avaloq’s specialized wealth management platform and RM Workplace solution, we can further expand our wealth management business to help individuals and businesses in the region grow and preserve their wealth. I look forward to strengthening our partnership with Avaloq over the years to come.”

Gery Dachlan, Commercial Head for Asia Pacific, the Middle East and Africa at Avaloq, said: “We are firmly committed to supporting Security Bank on its digitalization journey across the front, middle and back office. By automating end-to-end processes, from order entry to reporting, the Avaloq Core Platform will provide the operational foundation for the future growth and success of the bank’s wealth management business. At the same time, our RM Workplace solution will empower the bank’s relationship managers, helping them to build lasting relationships with their clients. We are proud to work closely with Security Bank to support the growth of the Philippines’ wealth management sector.”

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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