HCL Technologies (HCL), a global tech company, has expanded its partnership with Avaloq, a provider of digital banking solutions. HCL will develop a top lifecycle management center for Avaloq clients and invest in ongoing training for HCL teams working with Avaloq products.
What does HCL and Avaloq’s deal expansion entail?
These investments will combine HCL’s domain knowledge in financial services with Avaloq’s expertise in digital wealth management tech, to accelerate innovation across the industry.
The new lifecycle management center will harness HCL’s digital transformation execution framework (FENIX 2.0) and next-generation AI and automation (DRYiCE™) products to drive efficiency. HCL is upskilling its wealth management teams globally by enrolling them in specialized training from the Avaloq Academy and building program-specific competencies.
Alongside HCL’s wealth and asset management solutions, this partnership will enable more financial institutions to leverage Avaloq’s innovative tech on their digitalization journey.
What are the executive thoughts on the deal?
“As Avaloq continues its expansion, we aim to provide more flexibility to our implementation capabilities, supporting our long-term growth,” said Martin Greweldinger, Co-CEO, Avaloq.
“We are delighted to expand our existing partnership with HCL to leverage its strong global presence and its domain knowledge in financial services to provide banks and wealth managers with access to our products and services in different regions across the world.”
“We are observing a huge increase in demand for digital wealth and asset management capabilities globally. This trend is being driven by the continued emergence of new asset classes such as cryptocurrency, which is only set to continue in the future,” said Rahul Singh, President of Financial Services and Digital Process Operations, HCL Technologies.
“HCL’s customer experience-focused approach enables us to work with clients to drive innovation and ensure they remain at the forefront. We are delighted to expand our partnership with Avaloq as it is a leading provider of wealth management technology.”