Indonesia’s largest banking group picks the Avaloq Banking Suite to enhance its wealth management unit

Indonesia’s largest banking group picks the Avaloq Banking Suite to enhance its wealth management unit
19.11.2019 09:58 am

Indonesia’s largest banking group picks the Avaloq Banking Suite to enhance its wealth management unit

Banking

Jakarta-headquartered PT Bank Mandiri Tbk, the largest banking group in Indonesia in terms of assets, loans and deposits, has selected the Avaloq Banking Suite to run its USD14 billion AUM wealth management division. The mandate, which Avaloq won after a highly competitive tender process, further increases the Swiss fintech’s Asia-Pacific client base and comes after a number of high-profile regional client wins and expanded partnerships in 2019.

Bank Mandiri’s 2020 vision is to be both Indonesia’s and the wider ASEAN market’s most pre-eminent bank, with a continued, strong lead in the fast-growing affluent segment in Indonesia. Its wealth management division, which has around 50,000 clients overseen by 20 private banking relationship managers and in excess of 200 priority banking managers, is forecast to grow assets under management by 30% by the end of 2020.

Avaloq has been selected to help the bank capitalise on market opportunities and the need for enhanced, digital-led service capabilities. Bank Mandiri’s Wealth Management division currently depends on several systems to support areas such as mutual fund and securities processing as well as customer portfolio views. The Avaloq Banking Suite will allow the institution to bring all areas, including CRM, onto one platform, delivering powerful scale benefits and greater data analytics at better cost.

Avaloq has continued to expand in the Asia-Pacific region, winning new clients and expanding existing relationships as all financial institutions look to take advantage of the powerful, competitive benefits that digital processes and cloud-based business models can deliver. Avaloq’s regional clients include DBS Bank, Maybank and Kasikorn Bank in South East Asia as well as Agricultural Bank of China, China Industrial Bank and China CITIC Bank International in North Asia.

Hery Gunardi, Managing Director for Business and Network at PT Bank Mandiri Tbk, said: “The Avaloq Banking Suite greatly impressed us with its powerful capabilities and a clear ability to meet our complex needs in the key wealth management segment. This is a fundamental part of our wider growth strategy and it is, therefore, very important that we work with best-of-breed partners. The Indonesian banking market is undergoing profound growth and we are very well positioned to benefit from this opportunity.”

Pascal Foehn, Avaloq Executive Board Sponsor for Asia and Avaloq Group COO, said: “We are delighted to have won the very competitive, highly prestigious tender to help Bank Mandiri consolidate and enhance its digital infrastructure, and meet its customer-focused ambitions in the wealth management segment. Allowing institutions to radically change how they manage and deliver product and service offerings across different segments and different business lines is a core benefit of the Avaloq Banking Suite. We believe Avaloq offers one of the best wealth management platforms in the market and we look forward to working further with new and existing financial services groups globally as they embrace the hi-tech business environment.”

 

Related News

Nordea Wins Surecomp Global Hackathon with Bank Guarantee Request App

Surecomp®, the leading provider of global trade finance solutions for banks and corporates, today announced that one of its... Read more »

Mphasis Partners With Upswot to Offer Marketing Insights Though Alternative Data for Business Banking

Mphasis, an Information Technology (IT) solutions provider specializing in cloud and cognitive... Read more »

ClearBank and Tide Granted £25M to Help UK SMEs Recover From Pandemic

ClearBank, the cloud-native clearing bank, in partnership with Tide, the UK’s leading business banking platform [1], have been awarded £25m to... Read more »

Temenos Offers E2E Digital Account Opening and Funding in 90 Seconds

Temenos (SIX: TEMN), the banking software company, today announced that Temenos Infinity now offers a real-time, end-to end account opening and onboarding... Read more »

Finzly Wins “Best Enterprise Payments Solution” and “Best of Show” at FinovateFall 2020

Finzly, a fintech provider of modern banking applications for foreign exchange, trade finance,... Read more »

EasySend Raises $16M to Enable Insurance Companies and Financial Institutions to Build a No-Code Digital Future

EasySend, the no-code AI-powered platform transforming manual processes into digital journeys, today announced it has raised $16 million in funding following... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel