LGT is transitioning its banking software in Austria to Avaloq. From 2019 onward, all of the international private banking and asset management group’s core strategic markets will therefore operate using the same banking system.
LGT has been operating with Avaloq’s banking software since 2009. A different core banking system has been in use at LGT Bank Österreich at its two locations in Vienna and Salzburg since 2007. LGT Bank Österreich will now also be migrated to the shared Group platform. "The integration of Austria into our Group-wide core banking system will make it possible to take advantage of synergies and further simplify internal processes. As a result, our clients in Austria will also be able to benefit from our online and mobile banking solutions in the future", explains André Lagger, CEO of LGT Financial Services.
New technological options for Austrian clients
The harmonization of the banking software will also facilitate the introduction of new applications in Austria in the future. LGT is working on a comprehensive program to renew the existing online banking system as part of the LGT SmartBanking innova-tion project. This will enable a stronger connection between the bank and its clients and offer broader service and interactive offerings. "Clients increasingly want to conduct their banking business irrespective of the time, location and device in a straightforward, user-friendly and intuitive manner that operates under highest security standards", says André Lagger. With LGT SmartBanking, LGT will be able to interact with its clients by means of a number of intelligently linked channels in the future. "With the introduction of Avaloq in Austria, our innovative technological options will also be available to our clients at LGT Bank Österreich."
Collaboration with LLB Group
The changeover to Avaloq will be implemented in collaboration with LLB Group, which will in future also be using Avaloq for its subsidiary in Austria. "Avaloq will enhance the functionality of the core banking solution for LGT in Vienna and Salzburg, and for LLB in Vienna. These are the first two banks in Austria that we will be equipping with our core banking system", says Francisco Fernandez, CEO Avaloq Group. In the next few years, the software solution will be adapted to the Austrian tax system as well as to the local regulations for financial reporting. This joint project with LGT and LLB opens a new strategic market for Avaloq Group. "The project is therefore beneficial for all three companies involved", says André Lagger.