LUKB is entering the market as a first mover with multibanking
LUKB is entering the market as a first mover with multibanking
Since September, Luzerner Kantonalbank (LUKB) has been one of the first banks in Switzerland to offer private individuals fully integrated multibanking in e-banking and mobile banking free of charge. LUKB is thus laying the foundation for open banking in the retail sector and sending a clear signal to the market: multibanking is not the future, but the present.
Around three quarters of Swiss citizens hold accounts with several banks. So far, this has meant multiple logins, a fragmented view and cumbersome financial planning. With LUKB’s multibanking solution, this is no longer the case. From this point forward, a single login is all you need to view all your linked accounts in real time. The data is intelligently enriched with precise categories, budgets, merchant logos and personalised analyses.
This transforms a simple overview into tangible added value: customers can identify subscriptions, discover potential savings and keep track of tax-related transactions, and not just for their LUKB accounts.
«Whether for savings accounts or payment transactions, many people have accounts with several banks. With our multibanking service, our customers benefit from a central overview in e-banking – simple, secure and convenient»
Timon Balsiger, team leader of the e-banking department at LUKB
Timon Balsiger, team leader e-banking at LUKB © LUKB
With the launch of multibanking, LUKB is demonstrating that open banking brings further tangible benefits. The integrated financial assistant becomes an active companion in everyday life. It is seamlessly embedded in the digital customer journey and provides hyper-personalised insights and transparent income and expenditure analyses. This simplifies financial planning and creates clarity.
For financial institutions without multibanking, this is surely a wake-up call. Those who hesitate risk losing the customer interface. Multibanking is becoming an expectation, as much a matter of course as mobile banking.
Image: Easy connection of new banks in LUKB e-banking and mobile banking © LUKB
Contovista has made this possible. As a pioneer in SME multibanking, Contovista is now bringing its experience to the retail segment. The integration was realised using bLink: fast, seamless and of the highest quality.
LUKB already offers its customers an integrated financial assistant (PFM). With multibanking, it is laying the foundation for further forward-looking services and beyond banking offerings. On this basis, new solutions are possible, such as subscription management, expenditure analysis, or smart savings suggestions.
«Multibanking is a major step towards true open banking. Our solution creates transparency and convenience for end customers while opening up new opportunities for banks to offer value-added digital services.»
Baris Gökduman, Senior Key Account Manager, Contovista
With this recent service launch, Luzerner Kantonalbank is among the first movers in Swiss retail banking. The bank aims to gradually expand its offering. In the future, customers will not only be able to view their accounts in a consolidated view, but also make payments across different banks directly in digital banking.
The bottom line: Act now
With multibanking, LUKB is showing how banks can become the single point of contact for all their customers’ financial needs. For everyone else, the window of opportunity to be a first mover has closed. Now it’s a matter of not falling behind. Find out more here>
«Our goal is to continuously simplify our customers’ financial lives. We are specifically reviewing additional multibanking functions for their usefulness – and integrating them where they create real added value»
Timon Balsiger, team leader of the e-banking department at LUKB
