Liechtenstein’s LGT goes live with Avaloq Banking Suite in Austria

Source: Avaloq

The Avaloq Banking Suite is now available in Austria: The Austrian unit of LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, has gone live with the Avaloq Banking Suite.

The roll-out complements similar activation projects for LGT with Avaloq in Liechtenstein, Switzerland, Singapore and Hong Kong. All of the group's core strategic markets now use the same banking system.

LGT is a leading financial services group that has been fully controlled by the Liechtenstein Princely Family for over 80 years. By introducing the Avaloq Banking Suite, LGT has strengthened its client-centric sales and service model. The solution allows a comprehensive 360-degree view of client activities and enables a much quicker time-to-market for new products.

The solution addresses market needs specific to Austria, such as the local tax system and current and future financial regulations. This means that the bank’s advisers automatically meet regulatory requirements. The going live marks the market entry of Avaloq in Austria. Its scalable solution is now also available to other private as well as retail banks.

Jürg Hunziker, CEO of Avaloq, said: “We are delighted that LGT has further extended its significant relationship with Avaloq with the successful implementation of our solution in Austria. When a customer extends a relationship in this way, it underscores the depth and strength of our proposition in helping banks to truly transform their processes through new digital opportunities and market-leading technologies. Avaloq is now able to support Austrian banks as the sector increasingly looks to digitise its infrastructure.”

Dietmar Baumgartner, Co-CEO of LGT in Austria, added: “The integration of Austria into LGT's Group-wide core banking system makes it possible to benefit from synergies and further simplifies internal processes. The harmonization of the banking software also facilitates the introduction of new applications in the future. Austria is a key jurisdiction for LGT and we are delighted that we have now finalised the implementation phase of the solution in this growing market.”

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