RBC moves its Asia wealth management platform to the cloud, powered by Avaloq technology
Avaloq has today announced that it is expanding its long-standing technology partnership with RBC Wealth Management in Asia by moving to a cloud-based SaaS model and modernizing the wealth management platform with innovative front-office solutions.
RBC Wealth Management, part of Royal Bank of Canada, has offices in Hong Kong, Singapore, Malaysia, North America as well as the UK and the Channel Islands. Avaloq has been serving RBC Wealth Management’s growing Asia operations since 2012 through its core banking software, and later also with its web and mobile products, providing a fully digital end-to-end solution.
Now, the two companies have agreed to move the established wealth management platform to the cloud by implementing a Software as a Service (SaaS) model. Avaloq’s SaaS solution is going to significantly increase the agility, scalability and flexibility of RBC Wealth Management’s Asia business by leveraging the power of cloud computing. This project will be implemented with the support of Synpulse – an important existing technology partner for both RBC Wealth Management and Avaloq.
As part of the project, RBC’s wealth management platform in Asia will be modernized with two new front-office solutions – RM Workplace and Investment Advisory. These innovative products are designed to support relationship managers and investment advisors in providing their clients with efficient and highly personalized investment advice by combining the high data integrity of Avaloq’s core banking software with state-of-the-art digital platforms. Also, RBC Wealth Management is introducing Avaloq’s web and mobile products for clients of its Hong Kong business.
Terence Chow, Head of RBC Wealth Management – Asia, said: “By moving our wealth management platform to the cloud, we are paving the way for further growth in the region. Avaloq’s SaaS solution will provide us with the necessary flexibility and scale to deliver our proven value proposition to the market. By aligning our traditional private banking offering with Avaloq’s new digital platforms, we will be able to optimize the experience for our clients, and support relationship managers in delivering on clients’ financial objectives.”
Gery Dachlan, Managing Director for South Asia & Australia at Avaloq, said: “We are excited to open this new chapter in our successful partnership with RBC Wealth Management. Our innovative products like RM Workplace and Investment Advisory are going to boost the efficiency of relationship managers and investment advisors with powerful tools for personalized, real-time investment advice. By modernizing the entire platform, RBC Wealth Management Asia is strengthening its digital capabilities which will have a positive impact on the client experience.”