Security Bank’s wealth management arm is building on its double-digit growth in assets under management and client base through its new technology platform from multinational firm Avaloq.

In a statement to the media, the bank said its wealth management arm recently partnered with Avaloq for Avaloq Core Platform which automates funds processing and payments and evaluates clients.

“This means that Security Bank can focus more resources on providing personalized service, creating new innovative offerings, and expanding into new markets and client segments,” the bank said.

Intuitive RM Workplace solution

“Avaloq’s intuitive RM Workplace solution will provide Security Bank’s relationship managers with a complete overview of client profiles and portfolios, ensuring more targeted communication and simpler transaction management,” it added.

Established in 2017, Security Bank’s wealth management arm said it has recorded a rising compound annual growth rate in AUM to 44 percent.

Meanwhile, its client base has expanded by 40 percent.

“With this acute focus to deliver tailored solutions and distinct BetterBanking service, we’re confident our new platform will attract incremental investment AUM and help deepen customer relationships with our Bank,” Security Bank’s financial markets head Arnold Bengco said.

Operation costs up

For last year, the bank reported its operation costs jumped by 14 percent due to increased manpower and technology investments.

Security Bank shared that it opened six new branches across Luzon, Visayas and Mindanao.

However, the bank continued to post substantial net income of P9.1 billion last year, although lower than P10.6 billion in 2022.

“The economy is adjusting to moderating levels of inflation and continued elevated interest rates. Our growth for 2023 in both loans and deposits was evident across our retail and small and medium enterprise segments. We will accelerate that growth in 2024 and continue to deliver on our Transformation goals,” Security Bank president Sanjiv Vohra said.