Brewin Dolphin, one of the UK’s largest wealth managers, has gone live with a cloud-based Software as a Service (SaaS) solution from Avaloq, an NEC subsidiary and global leader in digital banking solutions and wealth management technology. The partnership is part of Brewin Dolphin’s ambitious technology upgrade programme and is going to transform the firm’s core processing solution by enhancing its digital capabilities.
The new platform will replace a legacy core banking system and is a key pillar in Brewin Dolphin’s focus on greater operational efficiencies as well as technological agility to support its long-term growth strategy. Avaloq’s SaaS solution will deliver higher straight-through processing (STP) rates and richer data analytics, allowing for quicker product launches, and providing a superior client engagement proposition.
The successful go live showcases Avaloq’s proven expertise with wealth management firms and its ability to transform complex technological infrastructures across the back, middle and front office. With its cloud-based SaaS model, Avaloq delivers innovative digital banking solutions at scale, leveraging its long-standing experience of partnering with more than 150 leading financial institutions globally.
Brewin Dolphin has taken the opportunity to add additional functionality and to parallel run its Avaloq and legacy system to de-risk a very complex systems integration. The company will continue to work with Avaloq to fully integrate the new platform to enable the decommissioning of its legacy system next summer.
Sarah Houlston, chief operating officer at Brewin Dolphin, said: “Over the last three years, Brewin Dolphin has embarked on a transformation journey to modernise its core processing solution. We selected the Avaloq Core Platform as an enabler to support our growth strategy, to enrich our client and service propositions and drive efficiencies through increased STP rates. By moving to a SaaS model, we expect greater efficiencies, less overhead and greater agility as we look to focus on our core competencies of delivering world-class wealth management services. Brewin Dolphin and Avaloq have forged a strong partnership and we are impressed with Avaloq’s flexibility and the collaborative nature of the project delivery team.”
John Wilson, UK Managing Director at Avaloq, said: “We are thrilled to have reached this key milestone in our long-term partnership with Brewin Dolphin. Our innovative SaaS solution is designed to integrate fully into Brewin Dolphin’s existing front office platforms via APIs. The result will be a seamless user experience, delivering increased efficiencies as well as faster processing and enhanced digital capabilities. Avaloq is proud to be part of Brewin Dolphin’s digital transformation journey and we are looking forward to supporting the firm’s continued growth story.”
Founded in Switzerland in 1985, Avaloq is a global leader in digital banking solutions, core banking software and wealth management technology. It provides powerful cloud solutions for banks and wealth managers through business process as a service (BPaaS) and software as a service (SaaS). More than 150 banks and wealth managers with around CHF 4.5 trillion in assets under management worldwide trust Avaloq for its award-winning products and services. Avaloq is a subsidiary of NEC Corporation, a global leader in the integration of IT and network technologies. The company is headquartered in Zurich, Switzerland, and employs over 2,000 around the world. www.avaloq.com
About NEC Corporation
NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.
Topic: Press release summary