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Digital Transformation in Corporate Banking: LBBW’s Winning Formula

As one of Germany's largest banks, LBBW is very successful with its focus on German SMEs. The digital corporate customer portal “LBBW Corporates Portal” has long been part of the strategy of being close to the customer.  

"We are where our customers are," emphasises Dr Jürgen Harengel - Head of Corporate Customers and COO of the Corporates Bank at LBBW. In the analogue world, this means being on site with LBBW's international network where LBBW customers do business. On the other hand, it also means building a corresponding ecosystem in an increasingly digital world and realising the immense potential of digital applications for customers. At the same time, it is important not to leave customers behind in digital banking. "Personal interaction with the customer is and remains essential," Harengel continued. The aim is to support customers as an advisor in a complex world of digital banking and to create a corresponding customer experience through the LBBW Corporates-Portal. "In coconet, we have found a partner for the LBBW Corporates Portal with whom we are in a position to jointly drive forward this vision for the digital banking of the future and discuss ideas on an equal footing, both technically and professionally," is how Harengel describes the collaboration with coconet. 


As an early adopter, LBBW was quick to respond to changing customer expectations 

Since 1999, LBBW and coconet have built a sustainable partnership and driven the revolution of digital corporate banking with a number of successful projects. Over the course of more than two decades, the collaboration has evolved and produced a variety of solutions that make up the modern corporate banking experience of LBBW customers. 

Lutz Gantert - Head of Corporates-Portal & Digital Ecosystem at LBBW - explains: "The journey towards digitalisation began with the realisation that customer expectations are changing. Today, companies expect a wide range of digital solutions that go far beyond electronic payment transactions.” 

LBBW was one of the early adopters of coconet's online payment solutions back in 1999 and was thus able to fulfil customer expectations in traditional payment transactions.  

When asked why LBBW has chosen multi:versa, Gantert points to coconet's high level of expertise, its extensive experience in the banking environment and its specialised solutions for banks. The reliability of the partner, the high software quality and a well-organised team on both sides are also key elements that make the success of the long-term cooperation possible. 


Central access and seamless integration 

The heart of today's corporate banking solution is the LBBW Corporates-Portal - an expression of LBBW's commitment to a central access point with many possibilities. This central access point, which is enabled by multi:versa, seamlessly integrates several applications, such as apps for avals, corporate credit cards or the new ESG-Dashboard where the LBBW takes a pioneering role. According to Gantert, this approach offers "consistency and seamless integration", allowing new features to be added easily without burdening customers with multiple access points. 

"In addition, we have always worked together as partners," says Gantert and emphasises the cooperative spirit that enabled LBBW to use coconet's expertise in providing secure access. 

Today, the multi:versa platform is a pillar in LBBW's digital landscape and offers a range of functions that contribute to the excellent customer experience of LBBW's corporate customers. In addition to coconet's payment and cash management solutions, this also includes qualified electronic signatures for various business transactions and a digital communication centre for the secure exchange of messages. The almost 20 seamlessly integrated third-party applications that LBBW has deployed also prove that the platform can be expanded almost indefinitely. 


 On the path to an even more digital future  

Looking to the future, the LBBW and coconet have big plans. The continuous improvement and expansion of the digital ecosystem for their customers is one of the clear focus areas for the LBBW. 

In addition to improving the customer experience through the digitization of processes, LBBW also pursues sustainability goals through its digital ecosystem. After all, paper consumption has already been significantly reduced – and this path will be consistently continued. 


A partnership that is moving forward

According to Harenegel, the collaboration with coconet is characterised by openness and mutual understanding. " What I appreciate about coconet is the excellent collaboration, which regularly produces solutions for our customers." he says. The partnership goes beyond software. It is also about the people involved. Gantert praises the authenticity and expertise of the coconet team and emphasises "Our contacts at coconet know what they are talking about, they are honest and authentic. I really appreciate that."  

In the future, LBBW sees the expansion of the digital range of services for corporate customers and the expansion of the cash management offering. Gantert's advice to banks embarking on the path to digitalisation is clear: "Focus and start with one topic. Then you can build on this and develop a roadmap." 

LBBW and coconet's journey is characterised by continuous innovation, sustainability and the ambition to offer an unparalleled digital banking experience. As they move into the future, the partnership remains a best-practice example for banks looking to successfully navigate the digital landscape. 

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