HCL Technologies, Avaloq partner for innovation in digital wealth management

HCL Technologies (HCL) on Wednesday announced that it has expanded its global partnership with Avaloq, a digital banking solutions provider to develop a lifecycle management center for Avaloq clients and invest in ongoing training and development, HCL said in a statement. 

The company expects to combine its domain knowledge in financial services with Avaloq’s expertise in digital wealth management technology to accelerate innovation across the industry.

“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. HCL’s customer experience-focused approach enables us to work with clients across the world to drive innovation and ensure they remain at the forefront of these changes,” said Rahul Singh, President of Financial Services and Digital Process Operations, HCL Technologies.

HCL says that it is upskilling its wealth management teams globally by enrolling them in specialized training from the Avaloq Academy and building program-specific competencies.

“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,” the company said.

 “As Avaloq continues its international expansion, we are aiming to provide more flexibility to our implementation capabilities, supporting our long-term growth,” said Martin Greweldinger, Co-Chief Executive Officer, Avaloq.

Shares of HCL Technologies Ltd on Wednesday were trading at Rs 1,130.1 apiece on BSE.