Avaloq turnover in 2015 reaches “record” $520m
Banking software vendor Avaloq has reported a “record” financial year in 2015 with a turnover of almost CHF 500 million ($518 million).
The Swiss vendor says it has won 11 new customers, and is now working with 450 banks and wealth managers worldwide. New customers include China CITIC Bank International; Crestone, the former wealth management arm of UBS Australia; and BIL Suisse.
Francisco Fernandez, CEO at Avaloq, says 2015 was “marked by strong investments” into new digital banking technologies and the extension of its managed banking services offering.
He says this led to “massive growth” and the creation of almost 300 new jobs within the group.
Avaloq says in five years its turnover has grown by almost 20% per year. This development is based on uptake of the Avaloq Banking Suite, as well as demand for business process outsourcing (BPO) solutions.
It now fully owns its Swiss BPO centre, Avaloq Sourcing Switzerland (formerly B-Source, it was previously co-owned with a local bank, BSI) and its German BPO Centre, Avaloq Sourcing Germany (formerly co-owned with a local bank, Quirin).
It has also recently launched a BPO centre in Asia, with the regional private banking and wealth management unit of Deutsche Bank as its main customer.
There were also plans to set up a BPO offering for the Benelux market, together with Luxembourg-based BIL. However, the partnership fell apart as Avaloq and BIL could not agree on the commercial terms of the venture.
This year, Avaloq plans for further BPO centres, but has not disclosed any specific locations yet.
In a recent and separate development, Thurgauer Kantonalbank (TKB) in Switzerland upgraded to a new version of the Avaloq Banking Suite.
Release 4.2 creates the basis for the introduction of further modules such as client lifecycle management, which is built on a new, “fully integrated” case management solution, says the vendor.
Furthermore, new components of Avaloq’s front office software have been installed for TKB’s digitalisation and omni-channel strategy.
TKB and Avaloq have been working together since 2005.