Seeking to assist monetary establishments in Dubai as they adapt to the evolving expectations of traders and tackle challenges related to tech adoption and consumer belief, Avaloq, the personal banking, wealth administration and funding administration tech supplier, has opened a brand new workplace within the Dubai Worldwide Monetary Centre (DIFC).
The growth into the area follows the corporate’s latest signing of InvestGB, the wealth and funding administration arm of Gulf Financial institution, and the latest addition of one other main consumer within the Gulf Cooperation Council (GCC) space. Avaloq has had a presence within the area for years, supporting monetary establishments with offshore actions in Switzerland whereas serving to world companies set up their onshore wealth administration enterprise within the Center East.
The growth into Dubai marks the corporate’s newest milestone. It builds on its already presence and goals to speed up the digital transformation of monetary providers throughout the GCC.
Akash Anand, head of Center East and Africa at Avaloq, mentioned: “The GCC is a dynamic and fast-growing marketplace for personal banking, wealth administration and funding administration. We’re excited to ascertain a robust native presence in Dubai, permitting us to work much more intently with the area’s main monetary establishments because the Center East’s wealth and funding administration sector continues to mature.
“Our platform and providers will assist harmonise their know-how ecosystems, enabling them to ship higher worth for his or her shoppers whereas driving their long-term success and strengthening their aggressive edge.”
Avaloq’s specialised core platform automates and standardises processes throughout entrance, center and back-office operations, whereas its open structure permits the seamless integration of revolutionary third-party providers.
Due to the platform’s built-in automation, monetary establishments can obtain excessive service accuracy and straight-through processing (STP) charges, leading to better operational effectivity. Moreover, Avaloq’s front-office know-how, together with its net and cellular banking platforms, helps companies in creating an enhanced expertise for each shoppers and advisers.
Capitalising on GCC development
The GCC has emerged as a extremely enticing area for wealth administration, buoyed by ongoing financial diversification and a rising prosperous inhabitants. Avaloq’s trade analysis, primarily based on surveys with over 3,000 traders and 300 wealth managers in Europe, Asia and the Center East, reveals the potential for monetary establishments within the area to reinforce their service choices – and the dangers of not maintaining with investor expectations.
Within the UAE, the highest causes for switching advisers embody a scarcity of belief (44 per cent), excessive prices (44 per cent) and lack of transparency (39 per cent). On the similar time, UAE traders place quite a lot of worth on clear communication (88 per cent) and efficient threat administration (84 per cent) with regards to constructing belief of their adviser. This underscores the need for digital instruments that not solely streamline operations but in addition empower advisers to supply insightful, clear and trust-building advisory providers.
With the GCC on a robust development path, the opening of Avaloq’s Dubai workplace displays the corporate’s confidence within the area’s potential and its dedication to driving innovation and digital transformation in monetary providers. Avaloq’s options will play a key position in enabling the area’s monetary establishments to maximise the advantages of digitalisation, higher serve their shoppers in the long run and strengthen the GCC’s standing as a hub for wealth administration and funding administration.
