LGT Private Banking, the Liechstenstein-headquartered group, explains the impact that AI has on its business processes, and gives thoughts for the future. This article is part of a number of items ahead of a research report.

This article continues WealthBriefing’s interview series ahead of its forthcoming AI in Wealth Management research report, produced in partnership with Arta Finance.

Moving AI into production requires more than proving that a tool can perform a task. At LGT Private Banking, the challenge is to embed it in reliable workflows and give employees a reason to change habits.

Simon Gomez, head of data and innovation, says AI is now part of everyday work throughout the organisation. Colleagues use a secure, internally deployed tool, with adoption continuing to grow.

Over the past 12 to18 months, the shift has been from isolated experiments to applications supporting specific client-related processes. Early uses centred on reading, summarising and transcribing text. Today, AI also helps turn client conversations into draft contact logs, Gomez (main picture), explained.

Colleagues review, amend and submit those drafts as the final record. As Gomez puts it: “AI does the groundwork, while responsibility stays with our people.”

Where service and economics meet
Gomez sees the strongest economic opportunity in giving relationship managers more time for clients. Reducing repetitive administration creates capacity for understanding clients’ needs, exercising judgement and providing timely advice.

“Better service and greater capacity per relationship manager go hand in hand,” he says.

Internal operations offer a second opportunity. Making recurring processes less manual can cut the cost of running the business. Both areas depend on incorporating AI into the way in which work is undertaken.

The higher bar of production
However, a successful pilot does not establish whether an application can function reliably within normal operations.

“A pilot shows that something can work,” Gomez says. “Production requires that it works reliably, every day, as part of normal work, and that is a much higher bar.”

Each application needs suitable data, appropriate access rights and controls, and a usable workflow. Training and an explanation of what changes are equally necessary when employees already have established working methods.

LGT has incorporated some use cases into production. Gomez attributes progress to investment in practical foundations and the people using the tools, alongside the technology.

Getting colleagues to try it
The contact log workflow illustrates the adoption challenge. The biggest hurdle was persuading colleagues to try the new approach for the first time.

Demonstrations, employees sharing their experiences and user feedback helped make the benefit tangible. Once colleagues had tried the workflow, they tended to continue using it.

LGT compares the tool with the previous process and tracks uptake and feedback over time. That helps identify where further explanation or training is needed.

For Gomez, the strongest momentum comes when employees experience the value themselves and begin asking for access. Deployment alone cannot create that demand.

A stronger client proposition
Looking ahead, Gomez expects successful banks to rethink workflows, develop employees’ skills and identify where clients can benefit directly from technology.

That requires a broader view than measuring the usefulness of individual tools. Gomez argues that banks must adapt their operating models and their people’s capabilities together, so that efficiency gains contribute to a more relevant service for the individual client.

Trust, judgment and personal relationships are central. The task is to use AI to strengthen service while preserving human interaction at important moments.

The forthcoming WealthBriefing report, produced in partnership with Arta Finance, will examine how firms move from experimentation to practical value, including the organisational changes needed to make adoption sustainable.

About the author
Simon Gomez is head of data and innovation at LGT Private Banking. During 11 years at LGT, he has worked across investment services, portfolio advisory and innovation, including leading Innovation Management and Portfolio Advisory Switzerland.