RBS Wealth Management has claimed that it will have been able to
cut back office staff by 30% following the implementation of a new
IT system across its UK businesses.
RBS Wealth Management chief administration officer Juergen Pulm
said that the implementation of the Avaloq IT system, which is due
to finish in October 2011, will replace a legacy system spanning
multiple investment, accountancy tasks and payments systems.
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He said that as well as allowing RBS to cut back office
headcount by 30%, the new system rapidly increases the time to
market new products.
Speaking at an Avaloq event in London on 7 July, Pulm said that
the time to market has now been cut from 16 weeks to two, with
comparative costs of £230,000 ($370,000) to £6,000 for the new
system.
Smaller implementations in place
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By GlobalDataThe system in the UK is modelled on the Avaloq system developed
by RBS for its Swiss business. It has already been implemented for
its smaller UK business Adam & Co and is now being applied to
Coutts & Co.
Pulm added that the system provides a single customer view,
eliminates breakdowns at the boundaries between IT systems and
reduces data maintenance costs.
The implementation of the system in the UK is the first of what
Avaloq expects to be many in the UK, according to Avaloq chief
executive Francisco Fernandez. “After a quiet period, we are now
seeing lots of inquiries from UK private banks,” he said.
