Private banks across Europe are accelerating technology upgrades as competition intensifies in the global wealth management sector. Institutions are increasingly adopting integrated platforms that combine portfolio management, risk analytics, and digital client services into a single environment. The migration by CMB Monaco to a joint Avaloq and BlackRock Aladdin Wealth platform highlights how modern private banking is shifting toward cloud-based infrastructure and AI-assisted investment intelligence to support relationship managers and deliver more personalised services to high-net-worth clients.
CMB Monaco has officially completed its migration to a unified technology platform co-developed by Swiss software provider Avaloq and BlackRock’s Aladdin Wealth business. This landmark implementation makes the Monégasque private bank the first in Europe to go live with the integrated solution since the two technology giants formed a strategic partnership in June 2023. The transition represents a fundamental shift in the bank’s digital strategy as it seeks to scale its international private banking operations and modernise its front- and back-office value chain. By moving away from its long-term reliance on the Temenos T24 core banking system, CMB Monaco now gains access to a cloud-based Software-as-a-Service environment that prioritises real-time data and sophisticated risk management.
The integrated platform provides relationship managers with comprehensive portfolio management capabilities that were previously fragmented across different systems. This includes the ability to generate tailored investment proposals and conduct holistic scenario analyses across diverse asset classes. A standout feature of the new deployment is the use of Aladdin Wealth’s Auto Commentary tool, which leverages generative AI technology. This tool translates complex portfolio diagnostics and market outlooks into concise, digestible talking points for advisors. CMB Monaco is the first European institution to deploy this specific AI feature. It allows investment professionals to craft more meaningful narratives and hold differentiated conversations with high-net-worth clients without spending hours gathering manual data.
Back-office operations are now driven by the Avaloq Banking Operations system, which introduces a high level of intelligent automation. This includes AI-led processing for corporate actions, a historically labour-intensive task that involves decoding unstructured data such as PDF documents and SWIFT messages. By automating these workflows, the bank expects to achieve a straight-through processing rate of up to 99 per cent while reducing operational risk. The platform’s open architecture also enables seamless integration of third-party services. This ensures that the bank remains flexible and can rapidly roll out new digital offerings in response to market changes.
Clients of the bank also benefit from an updated digital experience through new web and mobile banking solutions featuring advanced portfolio visualisation and secure conversational banking. CMB Monaco has operated as a key wealth management division of the Italian financial services group Mediobanca since 2004. The successful go-live aligns with the Mediobanca Strategic Plan for 2026 to 2030, which aims to unlock significant value through digital transformation and specialised commercial offerings.
Francesco Grosoli, the CEO of CMB Monaco, stated that the partnership with Avaloq and BlackRock marks a significant milestone in modernising systems for a new generation of investors. Martin Greweldinger, Group CEO at Avaloq, noted that the successful launch transforms the client experience by combining leading core banking with institutional-grade risk analytics. As the global wealth management industry moves toward more personalised and data-driven models, the adoption of integrated SaaS platforms is becoming a competitive necessity. This milestone confirms that the convergence of core banking stability and AI-powered intelligence is the new standard for international private banking excellence.
What this means for the industry
- Integrated wealth platforms are becoming the norm
Banks are replacing fragmented systems with unified platforms that combine core banking, portfolio management, and analytics. - AI is entering mainstream wealth advisory workflows
Tools such as generative AI commentary engines help relationship managers translate complex portfolio data into client-friendly insights. - Cloud-based SaaS models are accelerating banking transformation
Institutions can scale operations faster while reducing infrastructure complexity. - Automation is reshaping back-office operations
AI-driven processing of corporate actions and financial messaging improves efficiency and reduces operational risk. - Technology partnerships are defining modern private banking
Collaboration between banking software providers and investment technology firms is enabling institutions to modernise faster.
Photo by Israel Andrade on Unsplash
