Philippines-based UnionBank has chosen Avaloq to digitally transform its wealth management division, which serves business leaders, entrepreneurs, and philanthropists.

As part of the transformation, Avaloq Core Platform will be used to digitalise the bank’s wealth management operations for attaining improved efficiency.

Avaloq’s core banking system is also expected to help UnionBank to offer comprehensive wealth management services, including family wealth planning, philanthropy and sustainability solutions, in addition to professional succession schemes to its customers.

The bank will also leverage the platform to support its newly purchased Citi’s Philippine Consumer Business.

The technology vendors claims that the Avaloq Core Platform will enable the bank to automate and standardise various features of its wealth management unit’s front, middle, and back office works.

It will also augment customer relationship management, compliance, and payment processing functions.

The platform can be fully customised and has specific components for client lifecycle management, regulatory reporting as well as accounting, among others.

UnionBank Global Markets Group Treasurer & Center head Jose Emmanuel Hilado said: “We opted for Avaloq’s core banking platform, as it offers the most efficient and comprehensive features to cover our wealth management needs.

“Underpinned by Avaloq’s strong local presence and reputation in the Philippines, we are confident that migrating our wealth management platform to Avaloq will help us remain at the cutting edge of digitalisation and innovation.

“With the Avaloq platform, UnionBank is positioned to compete not only locally but globally in delivering world-class wealth management products and services to our customers.” 

In April this year, Indian IT major HCL Technologies bolstered its global partnership with Avaloq to enhance digital wealth management.