In its recently published report “European Vendors of Wealth Management Technology 2009”, Celent, a market research and consulting firm focusing on the financial sector, conducted an evaluation of major European providers of wealth management applications. Swiss software company Avaloq and its Avaloq Banking Solution were ranked as the leader among the top European providers.
Taking their standard approach, the market researchers looked at wealth management applications in great detail. The Avaloq Banking Solution, which Avaloq offers as both a desktop and web-based application, received the highest evaluation in the “Advanced Technology” category and also scored highly in the “Breadth of Functionality” category. With 35,000 end users worldwide, the Avaloq Banking Solution is also the second most widely used banking platform. In Europe, Avaloq has had a branch in Luxembourg for a number of years. Apart from Switzerland, its country of origin, the Avaloq Banking System is also used in locations such as Germany, Liechtenstein, Andorra and Guernsey. And outside Europe, Avaloq has a branch in Singapore which takes care of customers such as Nomura Bank in Japan, a relatively new user.
In her evaluation of the applications, Celent analyst Isabella Fonseca writes: “The software is designed to be customizable and to interface well with other applications or components through an open architecture. The Avaloq Banking System offers comprehensive wealth management support from CRM to portfolio management, trade capture, accounting, and reporting.
The strength of the Avaloq application lies in the diversity of its offering and its full front-to-back coverage. Avaloq is real time software, including real time booking at all levels and real time transaction processing.”
“The evaluation by Celent serves to accentuate the high performance of our banking application”, says Francisco Fernandez, founder and owner of Avaloq Evolution AG. “Celent’s analysts specialise in the use of IT in the global finance industry, so this result is all the more pleasing.”
D.C.