Alliance Bank and Comarch Revolutionize Wealth Management in Malaysia
On 17 August 2023 in Kuala Lumpur, Alliance Bank Malaysia Berhad and Comarch announced their strategic partnership with the intent to implement the Comarch Wealth Management system.
Under the terms of the contract, this platform aims to revolutionize the bank's wealth management services, providing digital wealth-investment advice to clients, and enhancing technical and business capabilities of these services. The collaboration also aims to optimize the efficiency of relationship managers and standardize wealth services across all client segments.
The primary goal of this collaboration is to create significant long-term value for relationship managers and clients. By leveraging the Comarch Wealth Management system, Alliance Bank is committed to elevating the customer experience and better serving individual customer needs by providing top-quality advisory and wealth management services.
Comarch Wealth Management system offers an extensive range of functionalities, including the Advisor Front-Office, which supports crucial bankers’ activities such as client and task management, 360-degree customer views, sales support, campaign management, investment advisory using theme-based goals and simulations, investment analytics, and more. As a centralized system, the platform empowers relationship managers to efficiently assist customers in a professional and customer-friendly manner, while also identifying opportunities and converting them into sales of investment products. Moreover, the system provides dedicated modules offering sales surveillance, RM performance analysis, and customer portfolio monitoring for managers and decision-makers.
Comarch continues to revolutionize the Southeast Asian financial market
Andrzej Przewięźlikowski, Board Member of Comarch Financial Services Division, expressed his enthusiasm: "The cooperation with Alliance Bank gives us the opportunity to expand further into the ASEAN market. Our wealth management solution, well-proven in European markets, is a compelling choice for the most innovative banks in Asia."
The project will also strongly emphasize addressing the needs of Alliance Bank's end-customers. Clients will benefit from the investment offering through digital channels utilizing an API library to access a consolidated wealth picture, place orders, and authorize recommendations from the RM channel. The platform will further support digital communication and interaction through chat and video-conferencing capabilities between RMs and their clients, thus enhancing the client–bank relationship.
“We chose to partner with Comarch based on their digital expertise in the wealth management space and the unique functionalities of their solution. In the next five years, we target to grow the wealth management business by doubling our current compounding growth rate. With our strong belief in the ongoing expansion of the wealth segment in Malaysia, we see the wealth management platform as an important tool that will allow us to deliver a compelling digital wealth proposition to better serve our clients,” said Mr Kellee Kam, Group Chief Executive Officer of Alliance Bank.
Comarch, with over 30 years of experience as a leading software house and IT services provider, has been helping customers achieve greater profitability and advancements in specific sectors worldwide. With over a decade of experience in the ASEAN region, Comarch has expanded its operations in Asia by establishing offices in Thailand, Malaysia, South Korea, and Japan. The regional office for SEA, located in Bangkok, Thailand, has been operational since 2017.
Alliance Bank Malaysia Berhad, along with its subsidiary, Alliance Islamic Bank Berhad, offers banking and financial solutions through various channels, including retail branches, Privilege Banking Centres, Business Centres, Investment Bank branches, and mobile and Internet banking, catering to a broad base of customers throughout the country.