Liechtenstein Banks to Offer More Innovative Services

Fintech has made its way into the Lichtenstein banking system, as more and more financial institutions are using innovative services to cater to their clients’ needs. However, some banks are reluctant to using services which imply less human intervention, such as robo-advisors. Foreign investors who want to open companies in the financial sector can rely on our Liechtenstein company formation consultants.

Innovative services are demanded by the customers

While some banks have already started implementing robo-advisory services and different types of calculators meant to help clients compute different fees, pensions and interests, some banks are still skeptical about the use of such services. However, the new generation of is now asking for other services which imply innovation. The development of the Internet infrastructure as well as Liechtenstein’s performant financial technology enable banks to provide such services.

Even if banks are accustomed to handle existing clients in a specific manner, the introduction of innovative and interactive services would help them diversify and expand their client database.

Our company formation agents in Liechtenstein can assist foreign investors who want to set up fintech companies in this country.

The advantages of using robo-advisory services

According to studies carried out on the banks which have already implemented robo-advisors, it was revealed that these services imply lower costs, as well as less time spent with the client, optimizing the processing time. Also, clients have already started accommodating with the new services.

It is a known fact that Liechtenstein employs most of the technology used by Swiss banks in terms of financial innovation. At the end of 2017, Liechtenstein announced a collaboration with the Crypto Valley Association in order to create the first agency dedicated to fintech companies involved in blockchain technology, which indicates the openness of the government to support innovation in the financial industry.

If you are interested in investing in the financial technology field and need information on the legislation regulating such activities, please contact our local representatives in Liechtenstein. You can also rely on us if you want to open a company in Liechtenstein.