KBank taps Avaloq to grow its private banking arm

The project will be Avaloq’s first foray into Thailand.

Kasikorn Bank has tapped on Swiss software provider Avaloq Banking Suite to upgrade the customer service infrastructure and internal processes of its private banking and wealth management business, KBank Private Banking.

According to a press release, KBank Private Banking selected Avaloq to boost the operational outcomes of key banking areas including client relationship management and risk management.

KBank currently accounts for a lion’s share of Thailand’s wealth management arm at 40%.

“It is very important to invest for growth and partner with best-in-class suppliers that can give us a real competitive edge not just in terms of the customer interface but also fundamentals such as a strong internal risk management framework. This is why we have selected Avaloq to take our private banking business forward,” said KBank Private Banking Business Group head Jirawat Supornpaibul. 

The project will be Avalow’s first foray into Thailand.