Zurich-based LBBW Schweiz AG, an independent subsidiary of LBBW Germany, has gone live on SunGard’s APSYS for front- to back-office wealth management private banking operations, using the outsourcing services of Wegelin & Co. Private Bankers.
LBBW began its search for a new outsourcing partner when its previous provider discontinued use of its core banking system. After a thorough due diligence process, LBBW chose Wegelin as its outsourcing provider. Wegelin itself selected SunGard's APSYS for its own private banking and wealth management, and now uses APSYS's multi-entity capabilities to serve bank customers through its business process outsourcing service, offering full private banking capabilities with online banking services. Each bank owns its own APSYS software license, while Wegelin operates and maintains the software and IT infrastructure.
Christian Siegfried, chief executive officer and managing director at LBBW, said, "Both Wegelin and SunGard are experienced in the critical issues of core banking systems, and the strong relationship between all three businesses is important to us. Our implementation and the transition to APSYS were very smooth, and training was very uncomplicated and timely. We now have a modern, powerful core banking system that is intuitive and offers more sophisticated and efficient portfolio management reports, as well as easier and faster access to information on individual stocks. By implementing APSYS through Wegelin's outsourcing services, we were able to reduce costs by up to 15%."
Wegelin began using APSYS in 1996 for its own wealth management and private banking operations. In 2001, it implemented APSYS multi-entity capabilities to power its outsourcing services using one application. Since the APSYS implementation, Wegelin's user base for its internal and outsourcing operations has grown from 50 APSYS users in 1996 to more than 400 in 2007, across its main office, seven branches and five insourcing partners located in Switzerland.
Otto Bruderer, managing partner at Wegelin & Company, said, "We consider SunGard's APSYS to be a state-of-the-art private banking system, with the best-in-class 'Mandantenfähigkeit', that provides private banks with the comprehensive e capabilities and stability to get up and running quickly in an insourced environment. In addition, because our insourcing banks own their APSYS software, we can offer them enormous infrastructure flexibility should their needs change in the future. SunGard has deep knowledge of outsourcing services from many angles, and continuously enhances the APSYS system with new and innovative capabilities."
Daniel Bardini, president of SunGard's APSYS business unit, said, "In addition to its comprehensive and modern core banking capabilities, APSYS helps private banks that are also outsourcing providers to consolidate resources and gain economies of scale in their IT infrastructures, while delivering high quality service and flexibility to other institutions. We are pleased with the successful implementations and achievements at both LBBW and Wegelin."