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HSBC Private Bank to implement Avaloq banking suite

HSBC Private Bank has decided to implement Avaloq Banking Suite for its private banking business across the globe to support its business requirements.

Under the terms of the contract, which has been signed in December 2013, the completely integrated banking platform will be deployed at HSBC Private Bank’s entities in Switzerland, Luxembourg, Monaco, Guernsey and Bermuda in the first phase.

The Avaloq Banking Suite, which will be rolled out in other geographies later, is an integrated and complete technology for financial institutions, including wealth managers, private and retail banks.

The bank selected Avaloq following a rigorous evaluation process as well as its ability to support a global business model as well as its functional richness.

Furthermore, the banking platform uses the insights from its user community, systematically monitors and quickly addresses the demands of the regulatory environment on a global scale.

Besides helping the lender to develop and market new products and services in a short span of time, the new tool is expected to simplify and standardize its operation on a global scale.

HSBC global private banking chief operating officer John Armstrong said the functional richness and the international deployment capabilities are just two of the main reasons why they decided to go with the Avaloq Banking Suite for private banking business.

"Through the implementation of the Avaloq Banking Suite we will significantly improve our operational efficiency, levels and consistency of customer service, while also improving our cost structure," Armstrong concluded.