Up to now, the different business entities within the Group had been using different banking systems. Two years ago, Liechtensteinische Landesbank decided to introduce a uniform IT platform based on Avaloq, the Swiss market leader for integrated bank software solutions. Bank Linth LLB AG had been using the Avaloq Banking System since 2004 and successfully switched to the joint platform at the beginning of 2010. Now, Liechtensteinische Landesbank AG and LLB (Switzerland) Ltd. have followed in their footsteps. "With introduction as planned and the joint operation of the Avaloq Banking System at three banks, we have achieved another milestone for the future of our Group," said Dr. Kurt MÃ¤der, Member of the LLB Group Executive Management.
Expression of growth strategy
The decision in favour of an integrated 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 MÃ¤der 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, in order to manage the growing transaction volume with the existing personnel resources.
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 new functions 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.