Catalan Economy · Business Investments · Tech & Digital Transformation
25 Apr 2023
The hub will play a crucial role in LGT Private Banking innovation strategy, which anticipates allocating over €200 million to digital transformation efforts over the next five years.
LGT Private Banking, a leading international private bank based in Liechtenstein, has chosen Barcelona to locate a digital development hub as part of its cross-departmental digitalization plan. The hub aims to launch state-of-the-art digital products and services to improve its client's experience. The global company employs more than 4,900 people at over 25 locations worldwide.
LGT will invest more than €200 million over the next five years to complement and enhance its financial advisory services, adding hybrid advisory services and digital customer journeys to its online banking services. According to the company, while personal contact with advisers remains essential for private banking clients, they increasingly seek secure and effective digital tools and customer journeys to facilitate everyday interaction with their bank.
To secure the capabilities required to execute its strategy successfully, LGT will launch a dedicated hub in Barcelona: the LGT Incubator and Accelerator Centre. The company will create this hub in close collaboration with GFT, a global digital transformation company and advisor that offers sustainable software solutions and services across new technologies. GFT will assist LGT in securing these capabilities and supporting its customers.
“Barcelona became LGT's location of choice for its vibrant tech scene, the broad range of professionals, state-of-the-art universities, and excellent connections to all important European cities”
The center is expected to be fully operational within two years, with an LGT team of over 40 employees that will operate independently from GFT. The hub will enable LGT's staff to define innovative methods and ways to implement new technologies.
According to the company's press release, Barcelona became LGT's location of choice for its vibrant tech scene, the broad range of professionals, state-of-the-art universities, and excellent connections to all important European cities. The city also hosts a GFT innovation hub and center of excellence, both supporting the firm's clients on their digital growth journey.
Olivier de Perregaux, CEO of LGT Private Banking: "Our strong client base and highly motivated colleagues provide a solid foundation for accelerating our digitalization efforts in the Barcelona hub. We believe partnering with GFT to create a development hub is the best way to drive digital acceleration. We want the hub to be where experts work on further digitalizing 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 combine our top-tier engineering and project management methodologies with the outstanding financial expertise of one of the world's leading private banks. 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."
Source: LGT Private Banking
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