28 November 2013
Luzerner Kantonalbank to introduce the Avaloq Web Banking solution
The Avaloq group, a leader in integrated and comprehensive banking solutions, today announced the signing of contracts with Luzerner Kantonalbank for the Avaloq Web Banking solution. The bank will replace its present online banking system with the Avaloq solution.
Avaloq has signed contracts with Luzerner Kantonalbank (LUKB) for its Web Banking solution. It will replace LUKB’s existing online banking system. The decision followed a stringent evaluation process by LUKB, including a detailed security review. By making use of the Avaloq Web Banking solution, LUKB will offer its web banking users a future oriented online banking experience. It is planned that Avaloq deploys the necessary functionalities so the first elements of a new LUKB website will be going live in Q2 2014. The full replacement of the current web banking platform is scheduled for Q2 2015.
The Web Banking solution is part of a larger eco system of integrated Avaloq front solutions. LUKB profits from short innovation cycles and the ability to add additional functionalities in the future. These were two of the main reasons leading to LUKB’s decision.
“A forward-looking approach is crucial to the future success of a bank. The time is right for us to act on the changing customer habits and requirements. By switching our web banking solution to Avaloq we provide our customers with a state-of-the-art online banking experience. The most powerful aspect of working with Avaloq is that it provides us with the flexibility to add additional differentiating services for our customers as we move along”, explains Marcel Hurschler, CFO of Luzerner Kantonalbank.
The Avaloq Web Banking solution provides a consistent user experience, be it with a smartphone, a tablet or a desktop. Its responsive design provides the best possible display of the web banking interface regardless of the device used.
The comprehensive Web Banking solution is based on the Avaloq Front Platform, a middle tier layer seamlessly integrated into the core banking system. The platform is open to a large development community that adds and builds innovative solutions based on the latest technologies. Banks can therefore integrate innovative functionalities offered by Avaloq as well as third parties, so called BankletsTM, and make them available to their customers. The BankletsTM are provided as flexible software components that can be plugged into the Avaloq Front Platform.
LUKB has selected ti&m to build its new web portal and to provide a variety of Banklets™, for example an application enabling bank customers to have a full overview of their cash situation, including monthly predictions regarding income, expenditure and disposable income. Avaloq will subsequently certify all Banklets™ developed by ti&m.
Francisco Fernandez, CEO Avaloq, comments: "With the changing customer expectations and requirements, driving innovation is more important than ever. Luzerner Kantonalbank is taking an important step forward in offering its customers a future oriented online banking experience. I am very happy that our next generation Web Banking solution will enable this important transition.”