IBS Journal January 2017
15
The developer community includes Avaloq’s Software- as-a-Service (SaaS) clients in the cloud; ‘on premise’ end users; invited startups and other FinTechs; plus BPO bank clients served out of its data centres in Switzerland, Germany and Singapore. All can potentially commercialise technologies and share results within the community, assuming they cannot – or do not wish to – scale up singularly themselves.
“The portal is there to exchange ideas in a secure, managed environment but we’ve also developed our own ‘App Store’ so that a variety of different applications can be accessed by end user bank clients,” explains Beck, as he outlines what sounds a lot like an iTunes for FinServ vision.
“Collaboration is key to the future of Avaloq, and indeed the industry,” he says. “As long as the security and privacy of data is paramount, then numerous opportunities open up.”
Beck explains that the venture’s evolving platform can essentially be divided into three core interconnected services, which are vital in the modern world, as “functionality alone is no longer enough”. They are:
• Transactional: This covers processing capabilities and the need to align them, including with relational databases.
• Interactional: Every interaction between a bank, counterparty, financial compliance utility, regulator and end user needs to be captured and reflected in the ledger and data. Good security is essential to ensure safe interconnectivity and services that meet the demand for 24x7 support, real-time settlement, and a great multi-channel environment.
• Analytical: In a real-time world analytical capabilities are essential for security on instant payments, for delivering risk data to regulators and prices to clients on an intraday basis, and for numerous other end uses. Analytical capabilities are also necessary in a Big Data world where Hadoop,
in-memory databases, AI and other technologies are evolving fast.
“Avaloq is renewing its technology stack in order to be ready for this new open technology era and to maximise the capabilities it can offer end users,” says Beck, while stressing that the company has always had a long-term vision that favours open IT architectures, common standards and security.
Curriculum Vitae: Dr Thomas Beck
July 2016-Present: Becomes Group CTO at Avaloq. He joined the executive board in January 2015 as General Manager of Software Development.
2012: Joins Avaloq as Head of Innovation Development after 18 years with UniCredit Bank. He is tasked with assisting the on-going development of its core banking services and technology offering.
1994-2012: Works at UniCredit Bank in a variety of technology and operations roles. “I’ve always done tech as I enjoy it,” explains Beck, adding that he’s seen a lot of core banking systems during 18 years at the bank and others before that. “The biggest change during my career I’d say is the rising importance of regulation. There is now a need for more real-time capabilities, risk data for stress testing and better oversight, control and reporting,” he adds, while warning that a balance is required so as not to hinder business.
Beck worked on numerous projects while at UniCredit, including the design and implementation of a global IT platform for its investment banking arm and a risk management and control system. He was in charge of several application management areas, including middle and back office, accounting and product control systems, at branches in London, Vienna, Milan, New York and Asia.
Academia: Alongside his professional experience, Beck has a strong academic record, having gained a degree in mathematics and computer science from the Technical University of Munich, Germany, where he also got his doctorate.
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