Digital retirement solutions fintech, ABAKA, has announced it is to partner with financial software provider, Avaloq.

ABAKA revealed it will join the Avaloq.one Ecosystem to collaborate on building new artificial intelligence (AI) platforms and digital solutions for client banks of Avaloq around the world.

ABAKA, which uses AI-powered technologies such as a conversational chatbot and intelligent nudges, suggested the two firms will now collaborate to build AI-powered solutions to help international banking clients improve their customer experiences.

The announcement comes after ABAKA’s Series A funding round which saw the firm raise $6.5m – with the firm describing this as one of the biggest investments in technology for the pensions and retirement market.

ABAKA founder and CEO, Fahd Rachidy, said: “ABAKA works with banks and savings providers around the world to build digital banking solutions that create outstanding customer experiences. We’re excited about the potential of what we can help banks achieve in 2020.

“Joining the Avaloq.one Ecosystem will provide ABAKA with further access to Avaloq banks worldwide and will accelerate the innovation push in this space.”

Avaloq group chief product officer, Martin Greweldinger, added: “While we have seen increased demand from banks for AI-powered, digital banking solutions and cloud-based platforms, many remain constrained by legacy and outdated systems.

“We are impressed with the AI-powered solutions ABAKA is bringing to the market to help meet these challenges. Coupled with our expertise in building Saas, BPaaS as well as on premise solutions for private banks and wealth managers, we are confident this latest addition to the Avaloq.one Ecosystem will put us both at the forefront of digital banking innovation for our clients.”

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