Allied Irish Banks (AIB), a banking and financial services group in Ireland, has selected Finantix, a global provider of component-based, front-office solutions, to support its Wealth Management Programme. The new deal follows the successful implementation of Finantix’s advice-led sales components in the bank’s retail branch network in Ireland.
AIB, which operates principally in Ireland, UK, Poland and US, is committed to a business strategy which focuses on developing mutually rewarding customer relationships. The new Wealth Management Programme for high net worth clients is a key part of this strategy.
“As we consolidate and expand our wealth management business, it’s crucial for us to meet our customers’ expectations with a unique and effective service model. With Finantix’s technology, our Group’s wide product range and our specialist professional wealth team, our high-net worth clients will benefit from enhanced, consistent wealth services today, and exciting innovative developments in the future,” says Steve Lynott, Technology Stream lead, Wealth Management Programme, AIB.
AIB signed the deal with Finantix in April 2008, following an extensive evaluation process. Finantix will install its component-based J2EE technology in AIB’s Dublin headquarters. The system, which will be utilised nationwide by AIB’s wealth relationship managers, will feature wealth management functionalities including a holistic client view, portfolio monitoring and enhanced personalised wealth strategy services. Finantix’s technology will offer AIB a scalable, cost-effective system and the ability to go live with the first phase of implementation in Q4 2008.
The wealth management deal follows the record three-month implementation of Finantix’s advice-led sales components supporting AIB’s retail operations. In this division, Finantix serves 2,500 users in the bank’s branch network and its contact centre.
“In an increasingly competitive market, it’s crucial for banks in the wealth management field to shift their focus from products to a customer centric approach,” says Alessandro Tonchia, strategy director, Finantix.
“This is the key to building profitable, long-lasting relationships with customers. With our expertise in wealth management, we will support AIB in gaining valuable customer insight, reduced time-to-market for new products and enhanced service levels,” adds Tonchia.
Finantix’s technology includes functionality for branch innovation, advice-led selling, CRM, lending and wealth management. This offering gives financial institutions new levels of visibility into customer behaviour and habits. As a result, they can optimise service levels and create a meaningful dialogue with customers.
Its component library can slot into legacy systems, unlocking potential sales opportunities at every touch point via a personalised advisory process. Financial institutions are able to configure the components to match different retail strategies and types of customers, quickly supporting new sales and customer service channels.
Finantix’s component-based, front-office retail solutions serve over 50 banks in 19 countries worldwide.