Bankia becomes Avaloq’s first Spanish banking client
Spanish financial institution Bankia has selected Avaloq to underpin its wealth management operations.
According to the vendor, the selection followed a “highly competitive” tender process. Bankia is the company’s first Spanish client.
Bankia selected Avaloq to “capitalise on its market proposition and accelerate its wealth ambitions across all client segments”. Its systems will be deployed on an on-premises basis.
Both companies have hailed their own ability to kick off a transformation project in the middle of the coronavirus pandemic.
More than half of Bankia’s clients are classified as “digital”, with 36% of total sales in 2019 through digital channels.
Ignacio Ezquiaga Dominguez, corporate director of asset management at Bankia, says the decision is a “big step forward”.
He adds: “The nature of financial services is changing, and changing fast, and it is apparent that only the most digitally robust institutions will be able to compete and grow in this new environment.”
Founded in 2010, Bankia is the fourth-largest bank in Spain with assets of around €190 billion. The Spanish government owns a majority of the bank, following the merger of seven of the country’s savings banks.