Mandiri picks Avaloq Banking Suite to enhance its wealth management unit

JAKARTA (IndoTelko) - PT Bank Mandiri Tbk (BMRI) has selected the Avaloq Banking Suite to run its US$14 billion  AUM  wealth  management  division.  

The  mandate, which  Avaloq won after  a  highly  competitive  tender  process, further  increases the Swiss fintech’s Asia-Pacific client base and comes aftera number of high-profileregional client wins and expanded partnerships in 2019.

Bank Mandiri wealth management division,  which has  around 50,000  clients overseen  by 20  private  banking relationship  managers  and in  excess  of 200 priority  banking  managers,  is  forecast  to  grow assets under managementby 30% bythe end of 2020.

Avaloq has been selected to help the bank capitalise on market opportunities and the  need  for enhanced, digital-led  service capabilities.

Bank Mandiri’s Wealth  Management division currently depends on several systems to support areas such as mutual fund and securities processing as well as  customer  portfolio views. 

The Avaloq Banking Suite will allow the institution to bring all areas, including  CRM, onto one platform, delivering powerful scale benefits and greater data  analyticsat better cost.

Avaloq has continued to expand in the Asia-Pacific region, winning new clients and  expanding existing relationships as all financial institutions look to take  advantage  of the  powerful, competitive benefits that digital processes and cloud-based business models can deliver.

Avaloq’s regional clients include DBS  Bank, Maybankand  KasikornBank  in  South  East  Asia as well as Agricultural Bank of China, China Industrial Bank and China CITIC Bank International in North Asia.

Managing  Director  for  Business and Network at Bank  Mandiri Hery  Gunardi,  said: “The Avaloq Banking Suite greatly impressed us withits powerful capabilities and a clear ability to meet our complex needs in the key wealth management segment. 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.

”Pascal  Foehn,Avaloq Executive Board Sponsor for Asia and Avaloq Group COO, said: “We  are delighted to have won the very competitive, highly prestigioustender to help Bank Mandiri consolidateand 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.We believe Avaloq offersone ofthe best wealth management platformsin the market and we look forward to working further with new and existing financial services groups globally as they embrace the hi-tech business environment.”