LGT Private Banking, the Princely Family of Liechtenstein’s largest worldwide private bank, is establishing a digital development base in Barcelona to create and install innovative products and services.

LGT Private Banking is implementing a new, universal, cross-departmental digitalisation approach.

Its mission is to launch cutting-edge digital products and services that provide a more personalised and improved client experience.

The hub is a component of LGT’s innovation plan, with plans for investing 200m Swiss francs in digitalisation over the following five years, including hybrid advising services and all-digital user journeys to its online banking services.

Private banking clients still place a high value on face-to-face interactions with advisors, but they are also increasingly searching for safe and useful digital tools and user interfaces to support this and streamline routine interactions with their bank.

LGT will establish the LGT Incubator and Accelerator Centre, a specialised centre in Barcelona, to secure the competencies required to successfully implement its strategy.

The private bank will establish this hub in close partnership with GFT, a worldwide digital transformation leader and advisor that produces long-term software solutions and services based on emerging technologies.

GFT’s digital transformation experts will help LGT secure these capabilities and will provide support to its teams as needed.

Olivier de Perregaux, CEO LGT Private Banking said, “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 added, “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.”

When the centre is fully operating in around two years, LGT teams of over 40 personnel will function independently of GFT. LGT’s team will be able to define novel methods and approaches to integrating new technologies courtesy to the hub.

Barcelona’s thriving IT sector, diverse professional community, advanced colleges, and great connections to all major European cities make it LGT’s preferred location.