TALLINN – Named the best bank in Estonia for the seventh time, LHV earned the recognition from the international financial magazine Euromoney for its financial results, technological innovations, and the consistent growth of its client base.
According to Erki Kilu, Chairman of the Management Board of LHV Pank, being named the best bank in Estonia is a great recognition, but the company's ambitions extend beyond its home market.
To ensure growth, the bank plans to expand into other European countries, a move that requires scalable products and technology. For faster product development and delivery to clients, LHV recently migrated all its core banking systems to the cloud and is implementing product-based management.
"To make the next developmental leap, our scaling capability must be on par with Europe's leading new banks and fintech companies. We must build our products, processes, technology, and organization with a significantly more international outlook than before," Kilu emphasized.
LHV is no longer competing only with major local banks, and the cross-border competitive landscape is changing rapidly. According to Kilu, understanding customer needs and expectations will be decisive in the formation of new dynamics.
"To achieve success and strengthen our position, we must offer the most modern user experience. A competitive advantage comes from the ability to perceive changing customer behavior faster than others and to act decisively," he said.
To determine the winners, the financial magazine Euromoney annually reviews data from more than 1,000 candidates and evaluates the banks' financial results, growth figures, and development activities over the last 12 months.
Euromoney has been presenting the "Awards for Excellence" to the best banks since 1992, and it is one of the most prestigious awards in the financial sector.
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