The Bank of the Philippine Islands (BPI) has selected Swiss fintech Avaloq’s software-as-a-service (SaaS) solution to improve customer experience.

Avaloq will help the bank reduce customer processing time via its cloud-based SaaS solution and improve the efficiency of its five business units and subsidiaries.

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Avaloq’s Banking Suite will allow the bank to bring all operations on one platform, resulting in significant economies of scale and better data analytics.

The fintech will help the bank to capitalise on future market opportunities and provide digital banking services to its customers.

Avaloq Group COO Pascal Foehn said: “We are very pleased that BPI is leveraging Avaloq’s strength of supporting multiple business units – ranging from private banking to asset management and investment banking – on a single platform.

“The bank has also chosen to use our leading SaaS solution, as we believe that cloud-based operating models will increasingly be seen as the platform of choice in a fast-digitizing financial services sector.”

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BPI aims to provide digital-led services to customers by deploying Avaloq’s digital technologies, as part of its long-term growth strategy.

Founded in 1851, BPI is the oldest bank in the Southeast Asia region.

The partnership with Avaloq embarks its second phase of multi-year digital transformation programme as its online and mobile user base grew 8% to 1.9 million users since last year.

Avaloq employs over 2,000 people globally and has offices across Switzerland, Singapore, Germany, London, Berlin, Hong Kong, Paris, Luxembourg, Madrid and Sydney.