Quality and innovation management
Banks are continuously implementing changes in order to best serve the interests of their clients. The LLB Group wants to offer high-quality products and services at attractive conditions. In 2011, we focused on product and process innovations, cooperation with other companies as well as system integration. Important traditional instruments of our quality and innovation management are the evaluation of client feedback and the corporate suggestion scheme.
Quality management: our employees play an important role in the improvement of our range of services. They actively contribute valuable suggestions for the optimisation of products and processes.
Product innovations: in 2011, we launched two inflation-protected funds (in CHF and EUR). The basis for these was our study «Finanzanlagen und Inflation» (Financial investments and inflation), in which we examined the effectiveness of relevant asset classes as a hedge against inflation.
We developed country-specific products for our growth markets of Russia, Eastern Europe as well as the Near and Middle East and adapted our credit policy.
In addition, we compiled the service package «Active Advisory» for active private investors and established a research organisation for the BRIC countries.
We want to systematically implement the innovations required by the market. For this reason, our Group Corporate Development as well as the persons responsible for products and services within the LLB Group are in regular contact with opinion leaders, business associations, governmental offices and the Liechtenstein Financial Market Authority (FMA).
Process innovations: the improvement of the advisory process is of particular concern to us. In 2011, we introduced country fact sheets for our client advisors, which contain market-specific information about services and products.
In 2011, we completed the Group-wide introduction of the Avaloq banking software. The uniform IT platform increases processing quality and productivity.
We newly defined customer segmentation for onshore banking in Liechtenstein.
In the framework of the «move!» programme we determined further potential for optimising costs and efficiency. Corresponding projects will be started in 2012.
We have automatised the monitoring of both reporting requirements and compliance with investment guidelines in order to improve processes in the fund business.
Cooperation: the Liechtensteinische Landesbank and the VP Bank, Vaduz, are jointly buying information services. Both banks are also joining forces in the areas of document printing and dispatch. From the end of 2012, the data processing centres of both banks will be housed in the new LLB branch office in Eschen.
A further cooperation has been in existence since 16 January 2012: Liechtensteinische Landesbank AG and Liechtensteinische Post AG have merged their ATM networks. LLB now provides its customers in Liechtenstein with services at 20 locations.