Avaloq has entered the German market: since 1 January, the international Wealth & Asset Management Group LGT has been the first bank to use the Avaloq Banking System in Germany.
In addition, the Swiss market leader's software is now also to be rolled out in Singapore. LGT Group successfully rolled out Swiss market leader Avaloq's banking software a year ago in Liechtenstein and Switzerland.
By implementing the Avaloq Banking System across the LGT Bank Germany, LGT is taking on a pioneering role and has achieved a competitive advantage in the German banking industry. Francisco Fernandez, CEO of Avaloq Evolution AG, said: "LGT Group is the first bank in Germany to begin using one of the most innovative systems in the area of banking software. For Avaloq this represents a breakthrough in one of the most attractive markets outside Switzerland. Avaloq Banking System Release 2.7 meets all local requirements in Germany."
Avaloq opened a branch in Frankfurt am Main last November, thus emphasising the company's proximity to its customers and the market. Avaloq has a number of local consultant and service teams working out of Frankfurt am Main, thus ensuring rapid and direct client service on location. The German market is serviced from Switzerland by experienced Avaloq consultants alongside both existing and newly recruited specialists who are familiar with conditions in Germany.
Multi-stage Implementation of the Avaloq Banking System at LGT Group
Three years ago, LGT Group decided to gradually replace its internal banking system with software from Avaloq. Now that the Avaloq Banking System has been in place at the private bank in Liechtenstein and Switzerland for a year, the German and Singaporean locations are following suit. However, the multi-stage implementation of the Avaloq Banking System across the LGT Group is not yet complete. There are a number of new challenges on the agenda now that LGT has taken over Dresdner Bank (Switzerland) Ltd, which will migrate to the current Avaloq Banking System of LGT Bank (Switzerland) in the second quarter of 2010, and launched the new bank in Hong Kong, which will also use Avaloq by the end of 2010. André Lagger, CEO of LGT Financial Services commented that "the group-wide roll-out of the Avaloq Banking System supports our growth strategy in our core markets. We are happy that we were able to successfully complete the implementation as planned."
In total, 1,500 licensed users in LGT Group worldwide now process their transactions using the Avaloq Banking System. They benefit from the broad functionality and high degree of flexibility the system offers. Furthermore, it was possible to replace some third-party systems with Avaloq software.