Olivier de Perregaux, CEO at LGT Private Banking, gave an interview in which he stressed the importance of digitalization. He also said the bank was exploring opportunities in blockchain and cryptocurrencies.
LGT Bank is Liechtenstein’s largest private bank, with a market share of 46 percent. Since it was founded over 90 years ago, LGT has grown from a small regional bank to an international private bank employing over 3800 staff in more than 20 locations worldwide. As a leader in one of the country’s most significant industries, it matters what the bank does in terms of digitalization.
Olivier de Perregaux, CEO at LGT Private Banking, said in an interview with finews.ch, the bank wants to focus more on digitalization. Like other banks in Liechtenstein, LGT wants to leverage Liechtenstein’s expertise and strengths as a digital hub in the heart of Europe to foster its competitiveness.
Focus on digital solutions
Olivier de Perregaux explains that the bank wants to expand and grow its platforms over the years ahead. That also includes expanding the current product offering with more sustainable solutions. One focus point is digital solutions.
He stressed that digitalization is not only a technological challenge that banks have to solve in their IT departments. It’s primarily a question of how digital tools can help the banks and their clients to work together more efficiently and effectively. That’s definitely a valid point. Many digital solutions are looking for a problem but actually don’t serve the customer base. Those that do, however, will make a difference over the coming years.
Olivier de Perregaux also says that despite accelerating digitalization, the personal client relationship will still be at the core of the bank’s business. Technology can only help to streamline processes, for example, communication. He also explained that during the pandemic, home office has become much more prevalent. That will likely also be a digital accelerator, as it requires more digital solutions.
Blockchain & crypto opportunities
When asked about blockchain and cryptocurrencies, Olivier de Perregaux says he believes blockchain applications are not yet mature enough for large-scale applications, except for cryptocurrencies. Probably true. Most financial intuitions that apply blockchain on a larger scale are still in the early stages, conducting pilots and gaining experience with the technology. He also said the bank is following technological development and is looking at opportunities.
Regarding cryptocurrencies, Olivier de Perregaux doesn’t see technological maturity as the critical issue but the legal certainty. “Now that other countries have followed Liechtenstein and plan to introduce regulations, we are also working out ways how we can in the future offer crypto custody services and settle crypto transactions,” Olivier de Perregaux is quoted in the Finews interview.