LGT using Avaloq in Austria
The Austrian unit of LGT has gone live with the Avaloq Banking Suite. The banking group from Liechtenstein will now be using banking software developed by the Zurich fintech in all its core strategic markets. Avaloq has therefore secured its first foothold in Austria.
The roll-out to Austria complements similar activation projects with the Avaloq Banking Suite in Liechtenstein, Switzerland, Singapore and Hong Kong, the international private banking and asset management group owned by the Princely House of Liechtenstein reported in a press release. “The integration of Austria into LGT’s Group-wide core banking system makes it possible to benefit from synergies and further simplifies internal processes,” commented Dietmar Baumgartner, Co-CEO of the LGT in Austria. “The harmonization of the banking software also facilitates the introduction of new applications in the future.”
By introducing the Avaloq Banking Suite, LGT has strengthened its client-centric sales and service model, the press release reports. This has enabled a much quicker time-to-market for new products. According to the press release, the banking software developed by the Zurich fintech already meets current and future regulatory requirements of the financial market in Austria. The going live by LGT at the same time “marks the market entry of Avaloq in Austria”. Jürg Hunziker, CEO of Avaloq, commented: “Avaloq is now able to support Austrian banks as the sector increasingly looks to digitize its infrastructure.”