Digitalisation of banking business

In 2017, LLB and Bank Linth successfully introduced the online and mobile banking applications; these were expanded and made even more user-friendly in 2018. The functionality in various areas was refined and extended. The online banking function and the new mobile app are designed in accordance with the latest security, data encryption and user-friendliness standards. Over recent years we have achieved high growth rates with our online banking service and now our mobile banking app is also becoming ever more popular (see chapter “Retail & Corporate Banking”).

Great progress with internal digitalisation

Within the scope of the “team@work” Group project, we are working on the comprehensive renewal or our digital infrastructure, the optimisation of work processes and the implementation of modern digital equipment. In 2018, virtually all LLB’s workplaces were equipped with new PCs and laptops. Thanks to the new laptops, staff can now access their desktop from anywhere inside the LLB building, increasing their work flexibility. This represents a major step towards a future-oriented work environment (see chapter “Employees”). In the year under report, in line with its stronger focus on Microsoft standards, Group IT put in place the technical fundamentals, updated the active directory, and commenced the migration from IBM Notes to Microsoft Outlook. The “team@work” Group project aims to improve and enhance the exchange of information, communication, collaboration, as well as general administrative and work processes.

Another wave of digitalisation was initiated in the area of human resources in December 2018 (see chapter “Employees”).

In the service centres we are implementing self-learning IT systems to increase processing quality and productivity. Our ongoing automation and standardisation is supported by the Avaloq Banking Suite software package, which we have been using since 2011.

IT investments at LLB Österreich

LLB Österreich will commence using the Avaloq Banking Suite software in 2020. The changeover will occur within the scope of a project cooperation between the LLB Group and the LGT Group, which will become the first financial institutes to introduce this software in Austria. This core banking application will enable us to utilise further synergies. LLB Österreich’s clients will then be able to benefit from the complete spectrum of products and services offered by the LLB Group, such as the “LLB Invest” investment advisory and asset management solution, or our online and mobile banking possibilities. This will promote our growth in Austria and in the strategic target markets of Central and Eastern Europe.

Efficient payment systems in Switzerland

We have already largely completed the implementation of the ISO 20022 international standard for the processing of payment orders. Payment transfers between the banks in Liechtenstein, Switzerland and the EU have been carried out in accordance with the ISO 20022 standard since 2016. In the year under report, the focus was on the interface between clients and the bank. A large majority of our corporate clients have in the meantime migrated to the new standard for electronic data exchange. LLB is well prepared for the future thanks to its new online banking system. The final standardisation step will take place in 2020 with the introduction of the standardised QR invoice. This will replace ten types of payment slips and therefore enable a further automation phase in the payments process. The LLB Group is also well prepared for this digitalisation step.