Avaloq has added regtech capabilities to its B2B wealthtech platform
- Avaloq has added regtech capabilities to its B2B wealthtech platform, slashing wealth managers' compliance costs.
- And it can leverage the feature to expose new clients to other Avaloq products.
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The Swiss-based fintech software provider is partnering with regtech Investment Navigator to simplify compliance for wealth managers, per Finextra. The white-label solution will be integrated into the Avaloq Wealth platform via an API. Avaloq offers core banking and centralized data platform solutions to its 150+ institutional clients, representing approximately $4.5 trillion in client assets. It was recently acquired by tech giant NEC.
The new partnership will drive wealth managers' operational efficiencies, enhancing Avaloq platform's value proposition and driving acquisition. Wealth managers operate in an increasingly complex regulatory environment, with associated compliance costs rising in recent years. Avaloq's new feature expedites their compliance efforts by providing suitability checks when distributing investment products as well as regulatory guidance on cross-border business activities.
Adding the regtech feature will complement the Avaloq Wealth platform's existing digital tools that automate investment analysis for wealth managers, and likely accelerate its uptake, as we've seen with Fenergo: Its cloud-powered platform that digitizes financial institutions' account management and compliance processes is reporting rapid adoption.
The added regtech features free up wealth managers' resources to boost their users' experience—another area where Avaloq can help.
- Wealth management customers are demanding a stronger digital experience. Stay-at-home mandates have forced financial advisors to interact with investors via digital channels, which is laying bare their tech shortcomings. By streamlining and cutting compliance costs with Avaloq's solution, wealth managers can redirect their budgets to other areas ripe for digitization. For example, they could look to digitize the onboarding process and remote transactions authorization to provide a more seamless user journey.
- Avaloq can use the regtech offering to direct new clients to its customer-focused products, increasing sales across the board. Wealth managers first drawn by the new compliance solution can then be exposed to Avaloq's other products beyond the Wealth platform. Its recently launched Engage app, for example, allows wealth managers to talk to clients through social media messaging channels like WhatsApp and WeChat, making online communication more convenient. And Avaloq Insight leverages AI to enhance wealth managers' analytics capabilities and personalize their services. Together with the added regtech service, wealth managers can provide a more holistic and well-rounded service to their customers, all through Avaloq's platform.
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