Effective the beginning of 2011, Liechtensteinische Landesbank successfully introduced a uniform IT platform based on the Avaloq banking software. Thanks to this joint solution, the Group will henceforth be able to take advantage of more synergies.
Because different banking systems had been used within the Group, the Liechtensteinische Landesbank decided about two years ago to introduce a uniform IT platform based on Avaloq, the Swiss market leader for integrated bank software solutions. After Bank Linth LLB AG, which has been using the Avaloq Banking System since 2004, successfully switched to the joint platform the beginning of 2010, the Liechtensteinische Landesbank AG and LLB (Switzerland) Ltd. followed the beginning of 2011. "With introduction as planned and the joint operation of Avaloq 3.1 at three banks, we have achieved another milestone for the future of our Group," said Dr. Kurt Mäder, Member of the LLB Group Executive Management.
Expression of growth strategy
The decision in favour of a standard solution tailored to the needs of the participating banks is a further sign of LLB Group's long-term growth strategy. In addition to strengthening the home market of Liechtenstein and expanding activities in Switzerland, this strategy consists in opening up new markets. "Especially against this background, we decided to introduce a Group-wide, uniform platform that enables us to react quickly to new challenges in the international context," Dr. Kurt Mäder said.
Moreover, the operational processes were reviewed over the course of the project. Building on this review, certain Group-wide services will in future be consolidated into competence centres.
Advantages for clients
On the client side, the new IT platform makes possible even better customer care, since more comprehensive data are now available. In addition, various services have been optimized as part of the project, including LLB iBanking, which offers additional functions to private clients and an even smoother design.
The introduction of the new banking software has been the largest IT project of LLB Group so far. In total, about 400 people were involved. In addition to Avaloq Evolution AG, the main project partner was Monex AG of Liechtenstein.