INDIA: Avaloq, a global leader in wealth management technology and services, successfully hosted its first-ever Avaloq India Community Connect event in Pune. The event brought together key industry leaders from India’s wealth management and technology sectors to discuss how digital transformation is shaping the future of financial services.
Since entering the Indian market in 2019, Avaloq has built a robust presence in Pune, growing to over 170 employees across project delivery, product development, banking operations, cloud technology, and corporate services. As a key orchestrator in the financial ecosystem, Avaloq welcomed leading banks, wealth management firms, and fintech companies to explore the trends driving innovation in the industry. Attendees included representatives from NatWest, HSBC, Barclays, Deutsche Bank, DBS, Accenture, Infosys, HCLTech, Synpulse, TecFinics, and Tech Mahindra.
The event provided a platform for insightful discussions on critical advancements shaping the wealth management sector, with a focus on cloud transformation, strategic partnerships, and enhancing operational efficiency. Key topics covered included:
- India’s growing wealth and investment needs
India’s financial wealth is projected to grow significantly. This is mostly driven by economic expansion, rising affluence, and increasing demand for professional financial advice. Avaloq showcased its wealth management and private banking solutions, emphasizing how digitalization can support the growing demand of India’s affluent population. The discussions highlighted India’s readiness for more sophisticated investment solutions and the role of technology in meeting these needs.
- Cloud transformation
Cloud technology is revolutionizing the wealth management industry. The adoption of cloud solutions is enabling financial institutions to enhance operational efficiency and scalability, crucial for meeting the evolving expectations of investors.
- Artificial intelligence
The collaboration with NEC Corporation drives controlled innovation in AI, focusing on responsible and transparent use. AI is transforming the wealth management industry by enhancing operational efficiency and providing personalized client experiences. AI-driven tools can analyze vast amounts of data to offer tailored financial advice and automate routine tasks, allowing experts to focus on more complex issues.
- Enhancing operational efficiency
Various strategies to improve operational efficiency were explored, including the consolidation of technology systems Various strategies to improve operational efficiency include the consolidation of technology systems into a single platform with harmonized data. This approach helps financial institutions reduce costs and streamline processes. Operational efficiency is critical for maintaining competitiveness, especially as firms face increasing regulatory pressures and the need to deliver high-quality client service.
- Integration capabilities
As financial institutions expand their service offerings, especially in growth markets, they often rely on a complex ecosystem of point solutions to meet evolving client needs. However, managing multiple disparate systems can lead to inefficiencies and higher operational costs over time. Avaloq emphasized the importance of consolidating technology systems in a single platform with harmonized data for enhanced operational efficiency and long-term scalability.
Anirban Mukherjee, Managing Director for India at Avaloq, commented: “India’s financial landscape is undergoing a dramatic transformation, and within this dynamic environment, Avaloq, a specialist in wealth management and private banking solutions, is poised to carve a significant niche. While the nation’s focus often gravitates towards the mass-market digital banking revolution, a quieter yet equally potent shift is occurring: the rapid expansion of India’s affluent population. As India’s wealth accumulates, the demand for personalized, robust, and technologically advanced wealth management platforms will inevitably surge. Our goal at Avaloq is to help financial institutions address the specific wealth management needs of these new investors.”
Reflecting on the event, Pascal Wengi, Managing Director for Region International at Avaloq, stated: “India’s wealth management industry is evolving rapidly, driven by economic growth, rising affluence, and increasing demand for professional financial advice. Our first Avaloq India Community Connect event in Pune provided a valuable forum for industry leaders in Pune to discuss key trends and strategies to improve client service and scale operations efficiently. As the market develops, technology will be a key factor in enabling firms to offer seamless, personalized, and efficient wealth management services. With 40 years of experience in wealth management technology, we look forward to supporting financial institutions in establishing and expanding their specialized wealth management services to better meet the needs of affluent investors in India.”
Avaloq India Community Connect discussed the challenges posed by fragmented technology ecosystems and highlighted the importance of integrated platforms that support both front and back-office functions. As India’s wealth management industry becomes more sophisticated, a harmonized, scalable approach to technology will be essential to help the country’s banks and wealth managers address investors’ evolving expectations.