14 Feb YUKKA Lab partners: avaloq.one
For us at YUKKA Lab, working with the leading players in the industry is key to delivering the best results to our customers. One of them is Avaloq and avaloq.one, the ecosystem that connects fintechs to banks. We spoke with Bodo Grauer, Head of Digital Strategy & Transformation, who also presented avaloq.one at FinovateAsia, Hong Kong, October 2018, and won the “Best of Show” award. See the video below the interview.
Please introduce yourself and what you are doing at Avaloq.
My name is Bodo and I’m the head of Digital Strategy & Transformation for Avaloq. One of my jobs is to drive product innovation and therefore I’m leading the development of the Avaloq Ecosystem “avaloq.one”.
What is Avaloq doing and who are your customers?
Avaloq is a leader in core banking software, digital banking and digital wealth management. We are the world’s biggest provider of core banking SaaS and BPaaS outsourcing. More than 150 banks and wealth managers trust us with USD 4 trillion in assets managed with our software.
What role do Fintechs like YUKKA Lab play for Avaloq?
Fintechs play an important role for us to complement our offering and to help us leading innovation for our customer banks. We are working closely with YUKKA Lab and other fintechs to find and offer the best solutions for banking and give banks running on Avaloq the best possible options to serve their clients.
How do you as Avaloq understand your role for Fintechs?
Our understanding of our role for fintechs is to serve as an innovation partner and accelerator for their development. Our goal is to create a win-win-win situation for banks, fintechs and Avaloq. Together, we want to push the innovation in banking.
How does the partnership look like?
We have a great partnership with YUKKA Lab and together we developed a showcase and prototype for Finovate Asia to present our avaloq.one vision, a “web banking store” with integrated fintech solutions where clients can subscribe to fintech solutions based on their individual demand. We are also working with other fintechs to further develop our open APIs, support fintech integration and we keep prototyping and developing our platform as well as fintech showcases.
What do you think is the most interesting/most important trend for the financial services in 2019?
Overall I think we currently have thriving financial markets and a vibrant fintech scene. I believe overall technological advancements and fintechs will further disrupt the industry in the following areas: firstly, Artificial Intelligence will drive intelligent automation and further support and streamline operational processes. Artificial intelligence and machine learning will further drive decision making, eg for investments, and help fighting cybercrime on a global scale. Secondly, ‘open banking’ is here to stay. Technologies such as cloud, microservices and APIs will further enable financial firms to enhance flexibility, enable interoperability and drive scalability. Lastly and most importantly, clients will demand better and more digital experiences. Platformification will help banks and financial firms to offer third-party solutions and services to engage customers and deliver according to their demand. In terms of customer experience, banking is years behind other industries such as telecommunication and automotive. There is a lot of potential, and with the development of our avaloq.one ecosystem I think we have the right strategy.
Thank you for the interview, Bodo! We are very much looking forward to working with you!
Watch the demo of Avaloq’s next generation ecosystem at FinovateAsia, Hong Kong, October 2018, winning the “Best of Show” award.