CMB Monaco Advances Digital Transformation with Avaloq
CMB Monaco, a private bank based in Monaco that specializes in bespoke banking services, has successfully transitioned to an integrated technology platform that combines Avaloq and Aladdin Wealth™.
This migration enhances CMB Monaco’s entire operational framework across the front, middle, and back office, facilitating seamless workflows in core and digital banking, client management, and portfolio management. By utilizing this joint platform, relationship and investment managers gain access to tailored investment proposals, comprehensive scenario analyses, and advanced risk analytics, ultimately driving personalized service at scale and boosting overall productivity.
Notably, CMB Monaco has emerged as the first European bank to implement the generative AI-powered “Auto Commentary” feature within the Aladdin Wealth platform. This innovative tool transforms complex portfolio analytics and individual client investment preferences into clear insights, empowering advisers to create more relevant narratives and enhance client interactions.
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Delivered as cloud-based software as a service (SaaS), the platform’s open architecture facilitates third-party service integration, allowing for greater flexibility and a quicker rollout of new offerings while ensuring compliance with changing regulations.
The migration also fortifies the bank’s cybersecurity framework through Avaloq’s secure-by-design architecture, which includes advanced protective measures and continuous updates to safeguard client data. Back-office operations, such as AI-driven automation for corporate actions, are being streamlined via Avaloq Banking Operations, enhancing efficiency across the board.
CMB Monaco’s clients are now benefiting from a digital banking experience through Avaloq’s web and mobile solutions, which feature personalized dashboards, advanced portfolio visualization, customizable alerts, conversational banking capabilities, and improved authentication protocols.
CMB Monaco’s CEO, Francesco Grosoli, remarked that, “Our partnership with Avaloq and BlackRock Aladdin signifies a critical juncture in our digital transformation. By implementing their integrated platform, we are elevating productivity across our operations and modernizing our systems to provide an outstanding digital experience, particularly for a new generation of investors.”
Olivier Pagès, Chief Operating Officer at CMB Monaco, emphasized that “Avaloq and BlackRock Aladdin are more than mere technology providers; they are invaluable partners aiding us in navigating evolving regulatory standards and fulfilling the high expectations of our discerning clients. Together, we are dedicated to offering an exceptional banking experience.”
Martin Greweldinger, group CEO of Avaloq, noted that “CMB Monaco’s successful launch marks a significant milestone for both Avaloq and BlackRock’s Aladdin business. This achievement showcases the robustness of our joint offering, which merges Avaloq’s comprehensive capabilities with Aladdin Wealth’s advanced portfolio management functionalities, resulting in a transformative client experience.”
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