The Royal Bank of Scotland (RBS) has completed the first implementation of a new IT platform in its UK wealth business, and plans to continue rolling it out to the rest of the division this year.
It installed an IT platform from supplier Avaloq, which was already in place in its Wealth International business, in its Adam & Company business earlier this year, according to the bank’s Q1 2011 report.
RBS recorded an operating profit of £1.05 million in the first quarter, an increase of almost £1 billion compared to Q4 2010 (£55 million).
The company plans to implement the technology at its other wealth businesses in the UK, such as Coutts & Co – where the Queen has an account – over the rest of the year.
“This new platform will enhance the customer service provided to Wealth clients and allow for an integrated banking platform throughout the division.
“It is only the first of a number of planned technology investments to improve customer connectivity and take advantage of the growth opportunity the division represents,” the bank said in its report.
Last June, RBS axed 500 jobs, which included IT staff, in its wealth management division, which it said was part of cuts to make way for investment into new processes and technology.
For example, in its Global Banking Markets (GBM) business, it recently developed an app for the Blackberry Playbook, which aims to give its customers access to fixed income, commodity and currency (FICC) market data, while on the move.
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