LGT, one of the largest private wealth managers in the world, has chosen Barcelona to host the LGT Incubator and Accelerator Centre. A digital development space from where the entity, owned by the royal family of Liechtenstein, will design new state-of-the-art financial products and services, and which will also serve to accelerate and consolidate the bank’s digital strategy. The hub is part of LGT’s innovation strategy, which foresees a global investment of more than 200 million euros in digitization in the next five years, and the hiring of up to 40 professionals in the short term for this new center.
Its objectives are explained by Urs Halter, Senior Advisor at LGT: ‘The center has two main objectives: on the one hand, to accelerate the implementation of our digital strategy by complementing current resources and suppliers with specialized teams in the field and, on the other, another, devise new software developments. All this, through the exchange of knowledge between teams, which is what we call the “incubator” part.
The Liechtenstein entity will have the consulting firm GFT as a travel companion in this digital hub project; one of the world’s leading providers of IT solutions and services. Behind the bank’s reasons for choosing GFT as a partner is the agility and security required for its development in these initial stages.
As Urs Halter, LGT’s manager, points out, “We didn’t want to waste a lot of time, especially in the start-up phase, making clarifications and then making mistakes. We wanted to benefit from this quick start and GFT has a wealth of project management experience and an excellent track record not only in Spain but around the world.” “This is an initiative in which both LGT and GFT will benefit. The bank will take advantage of the digital transformation company’s know-how and experience in end-to-end project delivery, while the Barcelona-based company will have a unique opportunity to work closely with a private banking leader in a context of high innovation in the financial sector”.
And, in the words of its Executive Director for international business, Miquel Febrer, collaborating with one of the largest private wealth managers worldwide means for GFT, “a unique opportunity to work with a benchmark in the financial industry, develop innovative solutions in the field of private wealth management, and strengthen our presence in the city”. “GFT -adds the manager- will also help LGT with operational aspects and will serve as a link with the vibrant technological ecosystem of the city”.
Regarding the reason for Barcelona, ??the person in charge of the financial entity project, Urs Halter, points out: “We chose Barcelona because we have identified an interesting combination of advantages: for 20 years it has offered a vibrant technology scene, with a good lifestyle and a excellent educational level of professionals and with cutting-edge universities; all of which has given rise to a kind of ‘little California’ phenomenon.” “In addition – recalls the Liechtenstein financier – Barcelona is in the same time zone as the seat of the principality, it shares values ??that are also important to us, and it is easily and cheaply accessible from all over Europe.”
Something in which the heads of the project agree is that the main challenge now is to find enough talented people willing to join and get on this exciting journey. A challenge that, according to Miquel Febrer, “we address by offering top-level incentives and a work environment that allows for different approaches and exchanges between the company and collaborators.” From the technology company they point out that “highly effective” personnel recruitment and retention programs have been established. The “attractive and flexible” work environment and the “promotion and development opportunities for employees” are other arguments put forward.
