Liechtenstein-based banks LGT and Liechtensteinische Landesbank (LLB) have implemented the Avaloq Banking Suite in their Austrian operations.
Both the banks have already been using the integrated solution from Avaloq for over five years.
LGT has been using the solution in its Liechtenstein, Switzerland, Singapore and Hong Kong operations, while LLB has been using it in its Liechtenstein and Switzerland divisions.
The technology vendor said that its banking suite will help the lenders in meeting the country’s specific conditions, including the requirements of the local tax system and financial regulations in future.
LLB group COO and board of management member Kurt Mader said: "Moving to Avaloq enables us to offer LLB customers in Austria the full range of LLB Group services, notably including the recently launched investment advisory solution LLB Invest."
LGT CEO of business unit operations and technology and a member of group management Andre Lagger added: "With a common Group-wide software solution, we can take advantage of synergies and render our processes even more efficient. Our clients in Austria will therefore also be able to use our new online and mobile banking services in the future."