Avaloq has launched a new data analytics solution, which allows banks and wealth managers to gain transparency on the impact of bespoke pricing for individual clients, whilst also allowing financial institutions to better design and control revenues.
The solution, first unveiled at the FinTech leader’s Zurich and Singapore community conferences, will support financial institutions in improving the overall client experience, and will complement and extend Avaloq’s existing Cost & Fee suite.
The Cost & Fee Analytics solution will support front office staff, namely Relationship Managers, in their interactions with clients when it comes to the discount negotiation and renewal process, according to a press release.
Using powerful data analytics, the new solution allows institutions to deliver a precise, transparent evaluation of the impact of potential discounts and to report decisions back to clients in a far quicker time to strengthen client relationships and loyalty. It simulates new discounts or product offerings using historic client data with the real price model, all seamlessly integrated into the Avaloq platform.
The foundation of the suite, Avaloq Cost & Fee Management, is a core application supporting the calculation and booking of complex transaction costs and periodic fees. The add-on Cost Profile solution improves the efficiency of the front office by allowing the bank’s operations team to set and change tariffs using a graphical user interface.
By further adding the simple to use Fee Designer which enables to model both simple and complex periodic fee runs, the fee implementation efforts can be reduced by as much as 80% which enables Avaloq clients to adopt, test and implement fee adjustments in an agile way.
The Chief Product Officer for Avaloq, Martin Greweldinger, said of the solution that “Cost & Fee Analytics supports financial institutions to increase transparency within their organization as well as towards end clients. It helps front-line staff to deliver better and faster service to their clients, particularly sophisticated high net worth ones that want bespoke solutions.”
He continued, saying that “Underpinning the new solution, as well as our wider Cost & Fee offering components, are granular levels of data and powerful data analytics, which enable banks and wealth managers to rapidly recognize and leverage pricing opportunities.”
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