The COVID-19 pandemic has forced financial institutions and wealth customers to accelerate the use of digital technology, with a profound impact on how clients view their wealth relationships with their fund managers.
UnionBank of the Philippines aims to stay ahead of the technology curve and wealth management solutions by pushing digitization in the pursuit of greater efficiency and innovation.
Jose Emmanuel Hilado, SEVP and Treasurer & Center Head of Global Markets Group at UnionBank, said, “We opted for Avaloq’s core banking platform, as it offers the most efficient and comprehensive features to cover our wealth management needs.”
Avaloq will implement its core banking system at UnionBank, particularly its wealth management business. UBP’s wealth management unit serves the entire wealth spectrum, including business leaders, entrepreneurs and philanthropists across the Philippines.
Hilado added, “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 digitalization and innovation. With the Avaloq platform, UnionBank is positioned to compete locally and globally in delivering world-class wealth management products and services to our customers.”
Avaloq’s core banking platform will support UnionBank in offering its clients access to holistic wealth management services, such as family wealth structuring, philanthropy, sustainability advice and professional succession planning.
Following UnionBank’s recent acquisition of Citi’s Philippine Consumer Business, the bank can also provide an enhanced retail offering with investment and insurance brokerage.
With the introduction of the Avaloq Core Platform, UnionBank can seamlessly automate and standardize aspects of the front, middle and back office of its wealth management functions, such as client relationship management, compliance and payment processing.
Avaloq’s comprehensive core banking system covers all client segments’ wealth management needs. It is fully customizable, with dedicated modules for client lifecycle management, regulatory reporting, accounting and other critical processes.
Gery Dachlan, managing director of South Asia and Australia at Avaloq, commented, “We are impressed by UnionBank’s commitment to digitalizing wealth management. The Avaloq platform will play a key role in this ongoing transformation, designed to scale and expand wealth management businesses internationally. We are excited to support UnionBank in providing highly personalized wealth management services with a superior client experience.”
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