Strategic initiatives 2014
In 2013, the LLB Group launched its Focus2015 strategy. In the first year it succeeded in reducing costs and complexity. In 2014, it concentrated on strategic initiatives promising improved earning potentials:
- offering an innovative range of services and pricing model in the field of investments;
- increasing excellence in sales;
- strengthening our advisory capacity in the growth markets;
- restructuring the growing Fund Services Division;
- further increasing efficiency through process optimizations.
The Liechtensteinische Landesbank and Bank Linth have set themselves apart from the rest of the market in the investment business since 1 July 2014 with a ground-breaking pricing model. By waiving distribution remuneration for our own funds and third party funds we have increased cost transparency. LLB is one of the first banks in Europe to offer a pricing model dependent on performance and interest levels for select strategy and bond funds (see chapter “”).
In the course of the year under report, the Retail and Corporate Banking Division developed a concept for product packages that can be individually combined. At the same time, a fundamental review of client onboarding and credit processes started with the launch of the “Front to Back Excellence” project. The focus is on client orientation, efficiency and cost reduction along the lines of lean management (see chapter “”).
LLB Fund Services has increased the level of automation, optimized processes, reduced complexity and made changes to the pricing model. The Division has also invested in tightening its risk management and established its own risk & reporting department “Fund Risk Management & Reporting” (RIR) since the end of 2014 (see chapter “”).
Strategic initiatives 2015
In 2015, we targeted the implementation of the following strategic initiatives:
- a forward-looking solution for investment counselling;
- the development of the omni-channel banking strategy;
- a new product structure for corporate clients;
- excellence in sales;
- lean process management;
- the refocusing of international activities on strategic target markets;
- the implementation of the tax compliance strategy.