Vall Banc, the digital benchmark in Andorra banking

Transformació digital

This year, the Andorran financial institution will be adding a new digital platform that will provide clients with access to its unique and exclusive products and services


The speed of the digital evolution is unstoppable, and the bank is working hard not to be left behind. Only in this way can it anticipate its clients' new digital habits, create new products and services, and improve the usability and functionality of the applications it now offers. Edmon Pallerola, Chief Operations Officer (COO) of Vall Banc, knows this well, and he has been leading the comprehensive digital transformation process in which the Andorran bank has been immersed for the last six months.


Founded in 2015 and highly focused on private banking and investments, the entity has set itself an ambitious challenge: to become the leading digital bank in Andorra this year. To achieve this goal, this spring Vall Banc will migrate its entire technological infrastructure to the RSI digital macroplatform, already used by 75 financial institutions, with a very high level of satisfaction in terms of user experience.


This platform has more than eight million clients who make an average of 5 billion transactions per year, making it the perfect solution for medium-sized banks such as Vall Banc, as it allows them to compete on a level playing field with large corporations. The protection of all user data is also guaranteed. “Investments in this area are massive. Sharing this cost with other entities allows you to guarantee a level of information security that only top-tier banks can achieve", according to Vall Banc.


"This decision will allow us to be more agile and efficient. From now on, Vall Banc clients will be able to access a series of services, innovative products and applications that we simply could not develop on our own. They will thus enjoy a clearly exclusive digital product that stands head and shoulders anything else in Andorra's banking sector", explains Pallerola.


The most advanced tools


Technology has been at the very heart of Vall Banc's business since its foundation. It is currently the only financial institution in the Principality that uses the most advanced risk management and portfolio construction tool, BlackRock's Aladdin platform. And in the coming months it will add multiple innovative applications and services at the speed demanded by its clients, who are at the focal point of the bank's digitalisation roadmap. "Innovation and the digital transformation are forcing us to reinvent ourselves to change the model," says Vall Banc's COO.

Those who make up the organisation - its managers and employees - play an even more important role in this digitisation process. "They must be professionals who are always ready to evolve, who do not have unmovable beliefs about the financial world that are set in stone. On the contrary, we need very dynamic, intelligent people capable of leaving their comfort zone, who have a very open mind and can embrace change, because the market in which we do business moves so fast that if you are unable to adapt to such change, you will quickly become obsolete and end up going out of business," remarks the COO.


Increasing the bank's internal efficiency and productivity is another of the goals pursued by the bank through digitalisation. To achieve this, banks must use artificial intelligence (AI) and all the potential provided by new technologies in their daily processes: user identification, facial and voice recognition, language processing, machine learning and so on.


Because the digital transformation process never ends. "Nor does banking, since it is an indefinite and infinite task. The sector is always in continuous renewal and innovating itself to give the user the most satisfactory experience possible by adapting to new habits and client needs, which are constantly changing. The process is unstoppable and in it, we all win," Pallerola concludes.


Link El País

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