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Avanza Bank Wins Banking Technology Award for Best Use of IT in Private Banking/Wealth Management Powered by GigaSpaces In-Memory Computing Platform

Avanza Bank Wins Banking Technology Award for Best Use of IT in Private Banking/Wealth Management Powered by GigaSpaces In-Memory Computing Platform

GigaSpaces, the provider of InsightEdge, the fastest in-memory real-time analytics processing platform, announced that Avanza Bank AB, Sweden’s fully digital bank, has won the Banking Technology Award for Best Use of IT in Private Banking/Wealth Management. The 20th annual Banking Technology Awards recognize excellence and innovation in the use of IT in financial services worldwide, and the people who make it happen.

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Avanza leverages GigaSpaces leading in-memory computing platform as the underlying core software architecture to power its digital banking services, supporting the growing demand for instant response times and easy- to-use applications from any device. Understanding the competitive market and delivering on customers’ expectations has increased Avanza’s customer base by 5X while contributing to their winning “Most Satisfied Savings Customers” ten years in a row according to the Swedish Quality Index.

“Customers are demanding greater speed, simplicity, personalization, and transparency which is driving a new generation of digital banking services,” said Karen Krivaa, VP Marketing at GigaSpaces. “We are honored to help power Avanza’s customer-centric innovation and new open banking services with innovative and agile technologies.”

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All of Avanza’s services including open banking, on-line trading with real time trading recommendations, Avanza Zero, Sweden’s first no-fee fund, a green room for climate positive investment decisions, portfolio generator, easy and fast well-diversified personal portfolio creation, face recognition for banking apps, mortgage services and pension offerings are powered by GigaSpaces high performance, scalable, and distributed in-memory platform.

GigaSpaces in-memory platform provides the required high performance, availability, and elastic scaling so Avanza can focus on innovation. Avanza has almost one thousand microservices running today, introducing a new service on a weekly basis. By running all their applications and services using GigaSpaces in-memory platform, Avanza delivers the best customer experiences with millisecond response times on all devices.

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