Liechtenstein-based VP Bank has decided to outsource portions of its IT services to an external service provider as part of its new IT strategy.
The bank said that it is relying on a strategic partnership with a specialised external technology company and service provider to run its IT infrastructure.
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The bank did not disclose the identity of the service provider.
It also revealed that an external partner will handle the functional areas of IT infrastructure and application operation while other IT functions will be retained within the bank.
The sourcing of the IT infrastructure and application management is expected to be accomplished within the scope of a transformation project, added the bank.
New IT strategy
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By GlobalDataVP Bank’s new IT strategy builds on the bank’s previously announced ‘Strategy 2026’.
It aims to accelerate the digital transformation to help the lender become a wealth management service provider.
As part of this new strategy, the bank plans to use cloud services and develop an open banking platform to offer new services and modern banking solutions to its target clients.
This new service platform will offer solutions provided by external partners, in addition to internal services.
Speaking on the new IT strategy, VP Bank Group CEO Paul Arni said: “By repositioning our IT, we are responding to the rapid digital change that the financial industry is undergoing, and we are relying on state-of-the-art technology in order to quickly respond to changes and seize market opportunities for our clients.
“A crucial criterion for our collaboration with an external partner is being able to offer the affected colleagues a beneficial solution and exciting prospects for the future. With modern IT and our new IT strategy, we are setting the stage for remaining competitive and a top-notch wealth management service provider also in future.”
VP Bank plans to roll out its first digital services in 2022.
In July this year, the bank agreed to acquire the private banking operations of Öhman Bank in Luxembourg for an undisclosed sum.
