Case Study

An Efficient Core Wealth Management System

As customers’ demands and expectations increase and change over time, financial institutions need to adapt to keep up. This was behind the decision by the largest financial services group in Malaysia to embrace change and adopt the Avaloq Banking Suite to help it achieve its vision to be among the top 20 players in Asia Pacific by 2018.

Orbium, Avaloq’s premium implementation partner, was brought in to implement the Avaloq Banking Suite (ABS) for the wealth management system of the bank’s operations in Singapore. The task was to implement most of the business streams and ensure the success of the overall migration of the wealth management core banking system.

Leading a pivotal system change

An Orbium team of 13 onshore Singapore consultants and 13 offshore developers based in Manila carried out the majority of the functional and business streams, each central to the bank’s wealth management system.

The team successfully delivered the project including:

Front Office Implementation Stream
The team ensured the new system could efficiently handle all front-office requests arising from customers. The system’s architecture was also enhanced to make the end-to-end process flow more smoothly for the following functional streams:

• Client output
• Client onboarding
• CRM desk
• RM workplace
• Object modeling
• Compliance

Investment-Related Transactions Implementation Stream
The connectivity processes to preferred customer trading platforms were improved, making investment transactions smoother. The team also ensured the system records every investment-related transaction and sends post-transaction confirmation to customers. This was done by optimising the following functional streams:

• Securities
• Structured products
• Corporate actions

Cash Transactions Implementation Stream
The new system guarantees that customers’ cash transactions are processed correctly, with the following function streams optimised:

• FX products
• Money market
• Payment

Portfolio Management Implementation Stream
ABS was optimised to handle every process between the client and the portfolio managers. This way, the portfolio managers can plan the best strategies to meet a client’s investment objectives.
The onshore Singapore consultants and offshore programmers from Manila tested the solution systematically to see that each implementation stream was working properly before going live.

Positioned to offer a better service

Since going live in March 2016, staff from the front, middle, and back offices have been using the solution to manage most of their daily wealth management transactions.

Orbium’s successful ABS implementation has enabled the bank’s Singapore operations to simplify its IT system, improving its speed and overall efficiency to delivery exceptional customer service, helping the bank on its way to achieve its vision of being a top 20 Asian Pacific player by 2018.