Axion Swiss Bank, a specialised asset manager fully owned by Banca dello Stato del Cantone Ticino (BancaStato), has inked a long-term contract with Avaloq for full business process outsourcing (BPO) services.
The partnership will allow the bank to migrate to the BPO setup based on the Avaloq Banking Suite, which is already being used by BancaStato.
Outsourcing standardised processes will help Axion reduce the efforts on standardised processes, as well as help the bank focus on its core competencies and offer added value for its clients, the bank said.
Axion Swiss Bank CEO Marco Tini said: “By working with Avaloq, we not only profit from efficiency gains, but also from a more agile way of operating. We always strive to offer our clients comprehensive consulting services and high-quality advice.
“By outsourcing certain areas to Avaloq, we free up resources that can be reinvested in client management and product services.”
Axion is expected to migrate to the BPO set up by the beginning of January 2017.
Avaloq Sourcing (Switzerland & Liechtenstein) CEO Markus Groninger said: “Nowadays, the smaller to mid-sized banks find it increasingly difficult to invest in technology innovation and to keep up with large-sized banks. With our solutions we help these banks close that gap as we continue to invest in technology and services.”