Bank Mandiri selects Avaloq Banking Suite to consolidate legacy wealthtech
Indonesia’s Bank Mandiri has selected Avaloq and its Avaloq Banking Suite to underpin its wealth division, which oversees $14 billion in assets under management.
After what the vendor describes as a “highly competitive” tender process, Avaloq was picked to consolidate multiple disparate systems which Bank Mandiri was using to support its wealth operations, including mutual funds, customer portfolios, and securities processing.
“The Avaloq Banking Suite greatly impressed us with its powerful capabilities and a clear ability to meet our complex needs in the key wealth management segment,” says Hery Gunardi, managing director for business and network at Bank Mandiri.
“This is a fundamental part of our wider growth strategy and it is, therefore, very important that we work with best-of-breed partners. The Indonesian banking market is undergoing profound growth and we are very well positioned to benefit from this opportunity.”
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Founded in 1998, Bank Mandiri is the largest bank in Indonesia in terms of assets, loans, and deposits. It has 1,733 branches, 11,000 ATMs and six subsidiary institutions.
The bank was formed via a merger of four failed government-owned institutions: Bank Bumi Daya (BBD), Bank Dagang Negara (BDN), Bank Expor Impor (Exim), and Bank Pembangunan Indonesia (Bapindo).
Pascal Foehn, Avaloq executive board sponsor for Asia and Avaloq Group COO, says of the new deal: “We are delighted to have won the very competitive, highly prestigious tender to help Bank Mandiri consolidate and enhance its digital infrastructure, and meet its customer-focused ambitions in the wealth management segment.”
“Allowing institutions to radically change how they manage and deliver product and service offerings across different segments and different business lines is a core benefit of the Avaloq Banking Suite.”