Deutsche Bank has renewed its contract with cloud banking provider Avaloq in Asia and in Europe until the end of 2028, finews.asia can exclusively reveal. The contract covers Deutsche Bank’s wealth management businesses in Singapore, Hong Kong, Switzerland, Luxembourg, the U.K. and Saudi Arabia.
Deutsche Bank has been an Avaloq client since 2013, with the relationship expanding across business lines and jurisdictions since then. The extension of the contract will see Avaloq providing the institution with a fully integrated, complete end-to-end outsourced service that significantly reduces complexity while delivering powerful scale benefits and greater data analytics at a much lower cost.
By taking on full responsibility for the complete technology infrastructure, it allows Deutsche Bank to focus on and deliver a richer client service proposition and competitive new products.
Further Investments
«Wealth Management is a key growth driver for Deutsche Bank so it is essential that we invest in the most technologically advanced solutions and platforms to help serve our clients around the world. We look forward to seeing further investment in their products and solutions,» Jan Wohlschiess, COO/CIO Private Bank/Wealth Management at Deutsche Bank, said:
For Avaloq, the extension with Deutsche Bank also further underscores its ability to work with large, sophisticated, cross-border wealth management firms and private banks to seamlessly transform their technological processes and systems across the back, middle and front office. Deutsche Bank is a good example of a larger industry trend amongst leading wealth management arms at private banks where SaaS and BPaaS solutions proved to be the preferred route to go.
Multiple Jurisdictions – Different Markets
«We are delighted to announce this extension with Deutsche Bank, particularly as the relationship covers multiple jurisdictions and different markets. We believe it showcases the very best of the Avaloq Banking Suite and the profound capabilities that BPaaS and SaaS solutions are delivering for large, growth-focused financial institutions,» Paco Hauser (pictured above), Global Head of Markets at Avaloq, said.
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