Market view and Insights
LGT Private Banking, the leading international private bank owned by the Princely Family of Liechtenstein, is launching a digital development hub in Barcelona, where it will develop and implement new products and services. The hub is part of LGT’s innovation strategy, which foresees an investment of CHF 200 million in digitalisation over the next five years.
LGT Private Banking is pursuing a new, comprehensive and cross-departmental digitalisation strategy. Its goal is to launch state-of-the-art digital products and services that offer an improved and truly personal client experience. Over the next five years, the bank will invest CHF 200 million to complement and enhance its financial advisory services, for example, by adding hybrid advisory services and purely digital user journeys to its online banking services. While personal contact with advisers remains key for private banking clients, they are increasingly also looking for secure and effective digital tools and user journeys to supplement this and facilitate everyday interaction with their bank.
In order to secure the capabilities required to successfully execute its strategy, LGT will launch the LGT Incubator and Accelerator Centre, a dedicated hub in Barcelona. LGT will create this hub in close collaboration with GFT, a global digital transformation leader and advisor that develops sustainable software solutions and services across new technologies. GFT’s digital transformation experts will assist LGT in securing these capabilities and support its teams as needed. In around two years, when the centre is fully operational, LGT teams consisting of over 40 employees will operate independently from GFT. The hub will enable LGT’s staff define innovative methods and approaches to implementing new technologies. Barcelona’s vibrant tech scene, broad range of professionals, state-of-the-art universities and excellent connections to all key European cities made it LGT’s location of choice. The city is also home to a GFT innovation hub and centre of excellence, both of which support the company’s clients on their digital growth journey.
Olivier de Perregaux, CEO LGT Private Banking: "Our strong client base and highly motivated colleagues provide a solid foundation for accelerating our digitalisation efforts in the Barcelona hub. We believe that partnering with GFT to create a development hub is the best way to drive digital acceleration. We want the hub to be a place where experts work specifically on further digitalising the bank and providing first-class experiences for our clients."
Jens-Thorsten Rauer, Group Chief Executive Central and Western Europe at GFT: "As digital transformation pioneers, we are thrilled to be combining our top-tier engineering and project management methodologies with the outstanding financial expertise of one of the world’s leading private banks. Together with LGT’s outstanding front and back office employees, GFT will get the new hub up and running and expand the bank’s digital offerings."