Avaloq Partners with DIFC to Enhance Client Trust and Elevate Investor Satisfaction in the Region
In a significant move to enhance financial services in the Middle East, Avaloq has opened a new office in the Dubai International Financial Centre (DIFC). This expansion is aimed at supporting financial institutions in Dubai as they navigate the changing landscape of investor expectations, tackle challenges related to technology adoption, and build client trust.
Avaloq’s Expansion in Dubai: A Strategic Move
This new office marks a pivotal milestone for Avaloq, a leading provider in private banking, wealth management, and investment management technology. The expansion follows recent partnerships, including a collaboration with InvestGB, the wealth management division of Gulf Bank, and the onboarding of another prominent client within the Gulf Cooperation Council (GCC) region.
Strengthening Local Presence
Avaloq has been active in the region for several years, assisting financial institutions with offshore operations in Switzerland and facilitating global firms in establishing onshore wealth management businesses in the Middle East. Akash Anand, the Head of Middle East and Africa at Avaloq, stated:
“The GCC is a dynamic and fast-growing market for private banking, wealth management, and investment management. We are excited to establish a strong local presence in Dubai, allowing us to work even more closely with the region’s leading financial institutions as the Middle East’s wealth and investment management sector continues to mature.”
Enhancing Digital Transformation in Financial Services
Avaloq’s core platform is designed to standardize and automate processes across front, middle, and back-office operations. Its open architecture facilitates the seamless integration of innovative third-party services. Key benefits include:
- High Service Accuracy: Achieved through built-in automation.
- Straight-Through Processing (STP) Rates: Resulting in greater operational efficiency.
- Improved Client Experience: Enhanced through Avaloq’s front-office technology, web, and mobile banking platforms.
Capitalizing on GCC Market Growth
The GCC has become an attractive region for wealth management, fueled by ongoing economic diversification and a rising affluent population. Avaloq’s industry research, which surveyed over 3,000 investors and 300 wealth managers across Europe, Asia, and the Middle East, highlights the potential for financial institutions to improve their service offerings. Additionally, it underscores the risks of not adapting to investor expectations.
Understanding Investor Expectations in the UAE
According to recent findings, the primary reasons UAE investors switch advisers include:
- Lack of Trust: 44% of respondents.
- High Costs: 44% of respondents.
- Lack of Transparency: 39% of respondents.
Conversely, investors place a high value on:
- Clear Communication: 88% of respondents prioritize this.
- Effective Risk Management: 84% of respondents consider this crucial.
This data emphasizes the need for digital tools that not only streamline operations but also empower advisers to deliver insightful, transparent, and trust-building services.
Avaloq’s Commitment to the GCC Region
The establishment of Avaloq’s office in Dubai showcases the company’s confidence in the region’s potential. It reflects a commitment to driving innovation and digital transformation within financial services. With Avaloq’s solutions, financial institutions in the GCC can harness the advantages of digitalization, improve long-term client service, and enhance the region’s reputation as a hub for wealth and investment management.
For more information about Avaloq’s offerings, visit their official website at Avaloq.
