Security Bank Corporation, a prominent universal bank in the Philippines, is set to embark on the digital transformation of its wealth management business. The bank has entered into a partnership with Avaloq, a leading wealth management technology provider, with the aim of streamlining operations and elevating the overall client experience.
Lucose Eralil, Executive Vice President and Head for Enterprise Technology and Operations at Security Bank, expressed the bank’s intention to expand its business using Avaloq’s specialized platform and Relationship Manager (RM) Workplace solution. The collaboration is expected to empower individuals and businesses in growing and preserving their wealth through enhanced financial services.
Security Bank offers a range of financial services, including bespoke financing, leasing, foreign exchange, stock brokerage, investment banking, and asset management. Since the launch of its wealth management business in 2017, the bank has witnessed growth in both wealth management assets and its client base.
Eralil highlighted the bank’s decision to optimize its front office, automate end-to-end processes, and establish a robust operational foundation to support sustained growth. The planned wealth management platform, powered by Avaloq, will automate and standardize workflows, enabling Security Bank to offer personalized investment advisory services and products for high-net-worth and affluent clients.
By leveraging the native automation capabilities of the Avaloq Core Platform, Security Bank aims to achieve high straight-through processing (STP) and service accuracy rates for payments, securities, and fund processing. This focus on operational efficiency will enable the bank to allocate more resources to personalized services, innovative offerings, and expansion into new markets and client segments.
The RM Workplace solution from Avaloq will provide relationship managers with a comprehensive overview of client profiles and portfolios, facilitating more targeted communication and streamlined transaction management. This enhancement is anticipated to boost productivity and foster closer client relationships.
Security Bank envisions that this strategic move will not only attract incremental investment in assets under management (AUM) but also deepen customer relationships. The collaborative efforts with Avaloq are aligned with the bank’s commitment to delivering innovative financial solutions and adapting to the evolving landscape of wealth management.
