What does innovation in the financial services mean for traditional banking? One group from Switzerland travels to ...
Avaloq Accelerates Digital Transformation
Text by Kassandra Bucher
On July 1, 2015, swissnex San Francisco kicked off a partnership with banking solutions provider Avaloq.
The goal of the partnership is simple: Keep financial solutions in step with the growing trend toward digitalization in the banking industry, which is largely driven by Silicon Valley innovation.
Fintech is on the move
Silicon Valley is the hotspot for developing tech products that fit customer needs, almost above all else. This is a guiding principle for financial startups here such as SigFig and Robinhood, as well as for big tech companies like Facebook and Lending Club who are also jumped into the financial services game in the form of electronic money (Facebook) or lending (Lending Club).
With the swissnex San Francisco partnership, Avaloq is establishing a strong link to the region and its innovation ecosystem.
Francisco Fernandez, Avaloq Group CEO, says “Avaloq intends to remain ahead of the digital revolution, which has the potential to disrupt the finance industry. We are committed to offering our customers guidance and solutions for their digital transformation. Some of the most interesting and innovative solutions in the Fintech landscape originate from the US, especially from the Silicon Valley. The partnership with swissnex helps us identify the most exciting startups in finance and technology.”
Banking goes digital, and banks go to Silicon Valley
For the reasons mentioned above, the last year or two has seen an influx of US and foreign banks establishing their presence in the Silicon Valley, such as Standard Chartered, AXA, and Deutsche Bank.
Avaloq understands that to stay as relevant in the global financial market as they are now, banks will need to embrace the current trend.
The work Avaloq will endeavor with the help of swissnex involves identifying startups with common interests and partnering with them to enhance Avaloq’s digital offering, Fernandez says.
swissnex San Francisco will be the outpost on the front lines connecting to the right people and providing Avaloq with a door to the Silicon Valley.
swissnex San Francisco will scout for innovative technologies and solutions on site and provide this connection.
“Avaloq is ready to embrace promising new technologies and push the boundaries towards the next generation of financial services,” remarked Cyril Dorsaz, swissnex San Francisco’s Head of Startup and Innovation Services and the lead on the Avaloq partnership. “We are thrilled to be a part of this inspiring journey.”