A Dubai-based private bank, Emirates Investment Bank, has entered into a partnership with Avaloq with the aim of improving its private banking, wealth, and investment management systems.
The bank will implement the platform of Avaloq to bring modernization to its core operations, enhance front-office functions as well, and improve digital banking channels both on the web and mobile.
The partnership is intended to harmonize front, middle, and back-office operations of the Emirates Investment Bank on the same platform, enhancing straight-through processing (STP) and decreasing the workload of manual operations.
This integration is likely to accelerate the process of client onboarding, improve the efficiency of the operations, and facilitate the adaptation to the changing regulatory demands.
Chief Operating Officer of Emirates Investment Bank, Anthony Jaganathan, said, “By harmonising our operations into a unified, future-ready platform, we are building a strong foundation for sustainable growth and enhanced value for investors.”
Open architecture and integration capability of Avaloq will enable the bank to integrate third-party services through Community APIs, which will help it innovate faster and take a shorter time to market new products.
Extensive private banking and wealth management services are also accessible on the platform, allowing clients to see their portfolios, break down fees, and have their own personalized dashboards.
Regional Director and Head of the Middle East and Africa at Avaloq, Akash Anand, stated that “With the Avaloq platform, the bank will streamline its operations, empower its front-office staff, and enhance client experience through our web and mobile solutions.”
