Bank of Philippine Islands (BPI), the country’s fourth largest bank in terms of assets, has tapped Swiss leading fintech service provider, Avaloq, to digitalize BPI’s customer services in all its units ranging from private banking, investment banking and asset management. BPI is Avaloq’s first client in the Philippines.
The partnership will enable BPI to utilize the latter’s core product which is a software-as-a-service (SaaS) system in all its units and subsidiaries. The Avaloq Banking Suite, will allow the bank to bring all areas onto one consolidated platform, delivering powerful scale benefits and greater data analytics in order to provide a highly personalized level of service and richer set of products to wealth clients. BPI has been experiencing a growth in its digital channels, as active users of BPI Online and BPI Mobile grew by 8% in 2019 to 1.9 million, more than 22% of the bank’s customer base.
Avaloq has two operational facilities in the Philippines, including one of their three R&D centers, with around 300 combined software development and application support staff. Its clients in South East Asia include DBS Bank from Singapore, Kasikorn Bank from Thailand, Bank Mandiri in Indonesia, and Malaysia-based Maybank Group, which was among the latest to adopt the company’s Banking Suite.
(Sources: Avaloq, Finews.Asia)