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For banks and wealth managers that are ready to grasp the nettle, open banking and the developing API economy will offer the chance to get closer to clients and meet their needs like never before.
Recognizing that investors and clients will be in the driving seat as the digital banking revolution unfolds, banks and wealth managers will want and need to increasingly offer new fintech solutions, alongside their own services. Our job, as a leading innovator in digital banking, is to ensure that we make the ability to do this fast, easy, convenient and profitable.
The key to this lies in building out and enhancing the Avaloq ecosystem to put our clients at the forefront of this next generation of banking and wealth management. With this in mind, we are taking two major steps towards delivering this digital future.
Starting in the first half of 2019, dozens of fintechs will be on-boarding solutions onto our new avaloq.one ecosystem. This will offer them many advantages, including across-the-board integration. After testing with our open APIs, each fintech solution will only need to be integrated once to make it available to every bank and wealth manager in the entire Avaloq community. Later in the year, banks which have the infrastructure in place to support the use of open APIs will enjoy instant access to any or all of these fintech solutions in a form that will integrate quickly and seamlessly with their Avaloq digital platforms. Never again will there be a need to go through the pain and hassles of integrating fintech solutions one by one.
The second planned step forward was foreshadowed recently at FinovateAsia in Hong Kong, where we won the coveted Best in Show award for the demonstration of our prototype web banking store.
This innovative concept will enable banks and wealth managers to create their own customized web banking stores, similar in style to Apple’s consumer App Store. By selecting the solutions you want from avaloq.one, your bank will be able to present its own unique set of fintech offerings to your clients in its own branded store.
Investors, savers and clients will be able to choose exactly the fintech solutions they want from your bank’s web banking store, and your bank will have the option of making these free or charge a fee. The advantages are obvious. Besides the potential for new revenue streams, you gain the ability to offer a constantly updated range of cutting-edge innovations to keep your clients happy and loyal.
avaloq.one prototype that won Best in Show at Finovate Asia in Hong Kong
Things are changing fast, and you need to know what’s coming down the track. Sign up on avaloq.one or Roadmap 24 to receive our updates on ecosystem developments and to be the first to hear about our strategy and rollout plans.
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Even more insights into our architecture roadmap.
Making the most of third party technologies.
Our detailed Avaloq Core Platform release plan until 2020.