Liechtenstein bank VP will outsource parts of the IT to an external service provider. Some of the staff in the back office will therefore have to move over to the new partner.
VP Bank has signed an agreement with a specialized external technology company to operate its IT infrastructure, said the bank in a statement on Monday. The outsourcing program forms part of the strategy 2026, communicated previously. The measures are aimed at further advancing the digital transformation in order for the bank to become a wealth management service provider. VP Bank didn't reveal the identity of the service provider yet.
Specialists' Move to External Provider
The bank has already established which parts of the IT it will have operated by its partner – they are the IT infrastructure and application operation. VP Bank will retain the other parts of the IT at the bank.
VP Bank indicated that the 20 to 25 staff affected by the shift will retain their jobs at the new provider of the service and emphasized that the move wasn't a cost-saving exercise. The implementation of the new IT strategy as well as the outsourcing was part of the transformation project intended to expand the use of new technologies and innovations.
Cloud and Open Banking
The use of cloud services and the development of an open banking platform will make it possible to offer new innovative services and banking solutions to the bank’s target clients. New technologies will be used to intensify the relationship between the client and the bank. Through the new service platform, VP Bank intends to offer its clients not only internal services, but also solutions provided by external partners.
