Crealogix’s Elaxy to roll out consulting platform for Bankhaus August Lenz
Bankhaus August Lenz’s HQ is in Munich
Crealogix’s subsidiary Elaxy Financial Software & Solutions will roll out a hybrid consulting platform at Bankhaus August Lenz in Germany.
The solution, developed in nine months, is ready for MiFID II (markets in financial instruments directive) and PRIIP (packaged retail and insurance-based investment products) regulations.
It is also integrated into the bank’s online banking system and personal finance management (PFM) solution ‘€inBlick’ – both developed by Elaxy.
No specific date for launch is set, but it will cover the consulting areas of financial investment, retirement provision and risk hedging.
Bankhaus August Lenz primarily specialises in “individual and sustainable” investment consulting. To meet the growing regulatory requirements in personal consulting and to “simplify complex processes”, the bank wanted a digital solution for the needs of its financial advisors and their clients.
Crealogix says the process was focused on “mapping the possibilities of asset generation and on the areas of retirement provision and healthcare, as well as risk hedging”.
Crealogix acquired the shares of Elaxy Financial Software & Solutions, a German fintech provider for interactive consulting solutions for banks and financial service providers, with the holding company Fiducia & GAD, IT service provider for the German credit union banks and Raiffeisen banks, in January 2016.
Crealogix Group is an independent Swiss software company. Its areas of focus include digital learning, transactional banking, digital/mobile banking, PFM, digital advisory services and customer engagement banking. The business was founded in 1996 and employs around 450 people around the world.
It has been looking to diversify and expand its geographical reach over the last few years. One of its other notable acquisitions is MBA Systems, a UK-based trading services supplier.
The need to look for pastures new can be partly attributed to the cooling of the company’s relationship with another Swiss software vendor, Avaloq.
Crealogix used to be the main provider of its front-end digital banking solution to the users of Avaloq’s core banking platform, Avaloq Banking Suite.
However, this came to an end when Avaloq built its own digital banking solution and set about pitching its own offering to new clients as well as replacing the Crealogix product at the already installed sites.
