The Corporate Center actively supports the implementation of the StepUp2020 strategy (see chapter “Strategy and organisation”). In 2016, the priority was placed on two key points, firstly, the firm integration of a lean management culture in the LLB Group, and secondly, pioneering innovations in the digitalisation of client interaction, whereby for us the interplay of people and technology is crucial. Several projects have already been realised.
Within the scope of its omni-channel strategy, the LLB Group is investing a total of around CHF 30 million up to the end of 2020 in innovation and infrastructure projects to expand its digital channels and services. The goal is to combine the physical and digital customer contact points, i.e. bank branches, telephony, mobile banking, web portal, online banking and LLB Quotes, into a seamless client experience.
As the first bank in Liechtenstein and one of the first in Switzerland, we introduced video identification for the opening of accounts online in March 2016. This enables private customers in Liechtenstein and Switzerland to open an account via video from their own computer. We were able to assume this pioneering role because the Liechtenstein Financial Market Authority (FMA) had already put in place the pre- requisites for this new method of opening an account in March 2015.
Investment advice of the future
Under the label “LLB Invest / Bank Linth Invest” the LLB Group also brought on to the market a model for the investment advice of the future, which makes it possible for clients to experience a new kind of advisory service (see chapter “Private Banking”). This also applies to “LLB Xpert Monitoring”, which provides institutional clients with individually tailored, continual monitoring of the portfolio risks of their end clients (see chapter “Institutional Clients”).
Strategic innovation partnerships
The LLB Group’s ground-breaking, IT-supported investment advisory application was developed in a strategic innovation partnership with the prestigious software and financial services provider Avaloq and the swissQuant Group, a FinTech company that specialises in risk and revenue analysis. This type of collaboration between banks, IT service providers and FinTech companies will play a major role in the development of the digital bank in the future. To implement digital banking, the Corporate Center is currently cooperating with other external partners.
Web portal with online banking
Five extensive projects were developed in parallel in 2016: mobile banking, redesign of the website, online banking, fraud detection as well as security and infrastructure. At the beginning of 2017, we introduced the new mobile banking apps with touch ID for LLB and Bank Linth. In July we shall present the new web portal with integrated online banking in a modern layout and with a user navigation concept – both will be completely responsive and have additional data protection. In a new feature, visitors to the website will be able to compose and submit a profile. And, using new technologies for chatting, co-browsing and social media, client advisers will be able to provide their clients with faster and simpler support in future.
During the course of 2017 other services will also experience a digitalisation boost. These include payment services, home financing, investment advisory and financial planning services. The LLB Group’s client advisers will receive new instruments, for example advisory tools for tablets, which will facilitate personal discussions with clients. In addition, the IT Department is working on extending the video identification application and further functions with mobile banking.
Customer journey analysis
The digital revolution gains its power not just from technology and competition, but also from people. For many bank clients online banking is now commonplace. At the same time, thanks to innovative offers such as video advice or the integration of social media, digital banking is continually gaining in acceptance. The goal of the LLB Group is to accompany and support its customers optimally, efficiently and in a unique way on their journey through all the points of contact with the bank – both online and offline.
Prior to developing new products and services, we carry out a customer journey analysis. Our aim here is to see the customer experience at all the points of contact with the bank through the eyes the customer. By critically observing and analysing the individual interfaces and evaluating the collected data we can then decide on the necessary investments and activities. Besides the online and mobile distribution channels, the points of contact also include the Customer Service Center as well as provision of personal advice in the bank branches of the future (see chapter “Retail & Corporate Banking”).