Fintech alliance aims to enhance the bank’s back-office operations and front-office interface for investment services.Bank Central Asia (BCA), one of Indonesia’s largest banks, plans to migrate its wealth management system to Avaloq, a Zurich-based provider of digital banking solutions.
The bank is scaling up its wealth management services by upgrading its wealth management system and improving client engagement.
The partnership with Avaloq seeks to enhance the bank’s back-office operations and front-office interface for investment services.
Gery Dachlan, managing director for South Asia and Australia at Avaloq, says: “Our core banking software is designed to help banks and wealth managers digitalize and future-proof their business with a highly flexible platform. The Avaloq Core Platform will create a state-of-the-art user experience for BCA’s wealth management business by streamlining its back and front-office functions.”
Avaloq, a subsidiary of Japanese information technology and electronics major NEC Corporation, provides services to more than 150 banks and wealth managers worldwide. Its core banking platform and wealth management technology are delivered through Software as a Service (SaaS) and on-premises models, while its Business Process as a Service (BPaaS) boosts back-office efficiency with a high degree of automation.
A transaction banking specialist, Jakarta-headquartered BCA offers a full range of financial services in consumer, small and medium-scale enterprises, commercial and corporate segments. It serves around 31 million customer accounts, processing around 62 million daily transactions through a network of 1,242 branches, 18,065 automated teller machines and 24-hour internet and mobile banking systems.