Retail & Corporate Banking is a regional and local business. The Liechtensteinische Landesbank and Bank Linth are distinguished by their closeness to clients and the market. Our client advisers can assess the potential of private clients and companies, and they know the history and individual aspects of the region. The trust of the local people and businesses is our core capital, which we carefully nurture and develop – in the clear knowledge that our clients are better informed and more sophisticated than ever before.
In 2014, we made more good progress in reaching the targets of our Focus2015 strategy. Our sharper market and target client focus has enhanced the quality of our client advisory services, which take into consideration a structured advisory process as well as the requirements, risk tolerance and development perspectives of each individual client. Our client focus takes a holistic approach, enabling us to convince clients with a service package that offers, in particular, retirement, financial and estate planning as well as corporate and private pension provisioning. Demand for this overall expertise from one source remains consistently high. Private financial planning is a key activity, a field in which the LLB Group possesses unique, comprehensive and interlinked knowledge.
To strengthen our position in the fiercely competitive market for individual clients in Liechtenstein and Switzerland, we provide intensive training for our client advisers. More and more they are taking on the role of supportive coaches. Our concept ensures that we are there for our clients at every phase of their lives to provide solutions for every financial problem. For this purpose we have adopted an uncompromising focus on the needs and expectations of our clients in our business activities.
For us, customer closeness and financial themes already begins in the school room. By offering their “young Liechtenstein” and “young Linth”, “youli” for short, banking services, the LLB and Bank Linth are successively strengthening their strong market position in the youth segment. In 2014, over 4’000 young people took advantage of our range of youth accounts.
Customer Service Center
The Customer Service Center in Vaduz (CSE) continued to develop as a central service hub for around 68’000 retail, online and mobile banking clients in 2014. Anyone calling the Center can expect sound knowledge and efficient service. This applies to all questions concerning accounts, capital investments, stock market orders, EC cards or loans as well as for issues relating to current legal, data protection and security regulations. By centralising the Infoline, Private Client Support and Online Banking Departments in one organisational unit, the LLB reduced the costs of these functions last year by 30 percent and ensured efficient services from one source.
As a business bank, we offer small and medium-sized enterprises (SMEs) in our home markets of Liechtenstein and eastern Switzerland professional advice and premium quality service. Especially in the case of SMEs, private and business assets are often closely interlinked. Our financial planning specialists take care of clients’ personal and business concerns. Our experienced corporate client advisers represent a cornerstone of our service offering, which we systematically expanded in 2014.
We also foresee attractive future opportunities in our business with corporate clients. For this reason, we are introducing a groupwide comprehensive advisory and care concept for SMEs in the middle of 2015 and developing a bespoke product structure for corporate clients. We want to target and fulfil specific client requirements via various distribution channels using a transparent and simple model, that combines standardised basic packages with a so-called flexible “menu card”.
Products and services
An individual client approach and product structure as well as the reduction of service complexity will increasingly be the key to the business success of the LLB Group. In 2014 the Retail & Corporate Banking Division took a pioneering role in the Liechtenstein and Swiss markets by developing a concept which enables individual product packages to be combined. This was supplemented by the expansion of digital channels thus enabling our private clients to decide for themselves how they want to carry out their banking transactions and at what service level. Another important element is our fixed price models.
For many years, Bank Linth has inspired its clients with its innovative culture, providing its private and corporate clients with uncomplicated solutions. Thanks to its “simplicity in banking” concept, it is the first bank in Switzerland to satisfy its clients’ needs for saving time, clear communication and convenience. Bank Linth carries out regular client surveys. The survey result in 2014 demonstrated that clients really appreciate its “simplicity in banking” approach.
The LLB Group’s strategy investment funds, which are among the best in Europe, are also highly regarded. Thanks to their excellent performance and outstanding price / performance ratio, the funds have a key position in investment business with private and retail clients. Further product innovations are planned in 2015 to enhance this growth and revenue driver. On 1 July 2014, Liechtensteinische Landesbank and Bank Linth took a further step in standing out from the market by introducing an innovative pricing model, in line with which we forego distribution commissions on LLB funds and automatically pass on the retrocessions received from external funds fully to our clients (see the chapter “”).