Capital Union Bank, a Bahamas-based pioneering financial institution, has announced the launch of its new online banking platform (eBanking) in collaboration with leading WealthTech provider, Avaloq.
Capital Union Bank provides a wide range of services, including bespoke execution, custody and lending to institutional investors, financial intermediaries and high net worth individuals globally.
This eBanking platform has been developed in response to the increasing demand for digital banking solutions, to enhance client interaction, engagement and to support the seamless roll-out of innovative banking products and services. The collaboration with Avaloq, a significant player in the WealthTech space, deepens the established partnership, paving the way for a more integrated banking experience.
Capital Union Bank has seen robust growth in total assets since its inception, largely driven by its successful Capital Markets and Wealth Management business. The bank has trusted Avaloq with its back-office processes since 2014, when it first deployed the Avaloq Core Platform in a Software as a Service (SaaS) model.
The new web-based banking solution provides clients with an intuitive interface for online banking, complete with a near real-time overview of portfolio positions. It facilitates more frequent communication between relationship management teams and clients, using push notifications for faster approvals. Avaloq’s Web Banking offers customizable dashboards and more than 100 self-service features to optimise the digital banking experience for clients.
The upgraded Avaloq Core Platform enables financial institutions to offer a broad spectrum of complex investment products. It automates and standardises workflows, thereby boosting operational efficiency. This upgrade includes additional modules to enhance compliance processes, support for complex investment products and the bank’s new digital assets offering. Using Avaloq’s Banking Operations in a Business Process as a Service (BPaaS) model, the bank is able to achieve Straight Through Processing (STP) rates of up to 99%.
Capital Union Bank’s CEO, Patrick Zbinden said, “As we celebrate nearly ten years with Avaloq, we are delighted to offer our clients access to the latest version of Avaloq’s web banking solution so that they have even more control over their assets. I am delighted that Avaloq has the expertise and cutting-edge technology to support us in meeting the needs of our discerning clientele, and I look forward to continuing our strong partnership and joint innovation activities for many years to come.”
Co-CEO of Avaloq, Thomas Beck also remarked, “We are firmly committed to innovation to create a more integrated banking experience and to accompanying Capital Union Bank on its digitalization journey. We are proud to work closely with a digital pioneer such as Capital Union Bank.”
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