Avaloq continues to reinforce its market position in Switzerland, as Bank Coop puts the Avaloq Banking System into operation on 5 January 2011. The successful rollout of the integrated software from the Swiss market leader completes the process begun in autumn 2009 when the Basler Kantonalbank (BKB), parent company of Bank Coop, went live with the Avaloq Banking System. Bank Coop is now optimally equipped for meeting the future challenges of a demanding market environment.
Francisco Fernandez, CEO of Avaloq Evolution AG, is pleased: "With Bank Coop, we are welcoming a respected name in the Swiss banking world into the Avaloq Community. Now, the majority of Switzerlandâs major banks rely on one of the most innovative systems in the area of banking software. This shows that Avaloq continues to focus on its home market, which has made us what we are today. We want to reinforce our excellent market position in Switzerland, building it up wherever possible. After all, we need to be strong at home if we are to look abroad and drive our internationalisation by being present in all the world's major financial markets.â
During the implementation of the Avaloq Banking System at Bank Coop, all the parties involved benefited greatly from the experience gained during the project at Basler Kantonalbank. The project was largely carried out by the same team within the Groupâs IT Competence Center and the involved implementation partners, including Cirquent and Monex. The implementation of the Avaloq Banking System at Bank Coop was carried out within the specified timeframe.
Andreas Waespi, CEO of Bank Coop, said: "We are very pleased that from this point forward we will be part of the Avaloq Community and able to benefit from the know-how of the Swiss market leader for banking software and its partners. With the changeover to the Avaloq Banking System, Bank Coop has switched to an integrated, modern standard software. Because we are now working with a standardised, modern banking solution in all divisions, we will be even more flexible and innovative in responding to the market and the requirements of our clients. We are confident that the advantages of the Avaloq Banking System will support us as we continue to grow."