Agefi Luxembourg - février 2026

AGEFI Luxembourg 10 Février 2026 Économie B anque Raiffeisen a célébré le 12 février 2026 son cente- naire à la Rockhal, mar- quant un siècle d’engagement au service des Luxembourgeois. Fondée en 1926 pour répondre aux besoins financiers des populations rurales, alors largement exclues du sys- tème bancaire, la banque s’est progres- sivement imposée comme la première banque coopérative du pays. Sa voca- tion initiale, fondée sur la solidarité, la responsabilité et la proximité, reste aujourd’hui encore au cœur de son modèle, résolument humain et local. Lors de la cérémonie officielle, en pré- sencedeS.A.R. leGrand-DucGuillaume, duprésident de laChambredes députés Claude Wiseler et du Premier ministre Luc Frieden, Banque Raiffeisen a réaf- firmé sa promesse envers ses clients : All about you. La banque est née d’un besoin concret : permettre aux habitants des campagnes d’accéder aux services financiers, s’en- traider et se développer durablement. Inspirée par le mouvement coopératif initié par Friedrich Wilhelm Raiffeisen, elle a été pensée comme un réseau de confiance, avec une vision à long terme. Les trois principes fondateurs qui l’ani- ment depuis un siècle – solidarité, res- ponsabilité et proximité – lui permet- tent de prendre des décisions locale- ment, de construire des relations dura- bles et de gagner la confiance de ses clients. Comme l’a rappelé Guy Hoffmann, président du Conseil d’Administration, « nous n’avons pas seulement financé des projets. Nous avons accompagné des parcours de vie, des familles, des entreprises, par- fois sur plusieurs générations ». En un siècle, la société luxembour- geoise a connu des transformations profondes sur les plans économique, social et technologique. Banque Raiffeisen a su accompagner ces évolu- tions sans perdre de vue samission pre- mière : être une banque utile, proche et responsable. D’une caisse rurale, elle est devenue une banque universelle moderne, grâce à des fusions succes- sives, un recentrage stratégique sur le cœur de métier bancaire, et une unifi- cation en une seule entité en 2019, ren- forçant ainsi sa solidité et sa résilience. L’organisation a également évolué pour mieux répondre aux besoins des clients privés et professionnels : modernisation du réseau d’agences, renforcement des expertises, simplifi- cation juridique, modernisation des infrastructures informatiques et déve- loppement de solutions digitales. Parallèlement, Banque Raiffeisen a construit un écosystème de partena- riats avec des acteurs comme Foyer, Vontobel, POST Luxembourg et Wüstenrot, ainsi qu’avec la Fondation Hëllef fir d’Natur et la Rockhal. Mais la banque insiste sur l’importance de la relation humaine, comme le souligne Laurent Zahles, président du Comité de Direction : « la proximité n’est pas un concept abstrait. C’est la capacité d’écouter, de comprendre et de connaî- tre nos clients par leur nom, pas par leur segment ». Cette relation repose sur les collaborateurs, partenaires et membres coopérateurs, engagés dans les communautés locales. Banque Raiffeisen se distingue par son indépendance : elle ne fait partie d’au- cun groupe bancaire international et n’a jamais sollicité de soutien public. Les décisions sont prises localement depuis son siège à Leudelange, et les bénéfices sont intégralement réinvestis pour ren- forcer les fonds propres, recruter des talents, améliorer l’expérience client et soutenir l’économie nationale. Ce centenaire est ainsi perçu comme un nouveau départ, avec un objectif clair : rendre l’expérience client plus simple, fluide et personnalisée. Banque Raiffeisen célèbre son centenaire M any asset servicers are critically evaluating their operational models and efficiency. Do you knowwhy? Because the need for opera- tional transformationhas never been more pressing. In this article, drawing on our experience advisingCFOs and seniormanagement of large companies based inLuxem- bourg, wewill elaborate on the strategies, technologies, andgo- vernance necessary to facilitate an effective operational transfor- mation journey. The evolutionof organizations Large organizations typically evolve over time, expanding their activities, diversifyingbusiness lines, and engaging in mergers and acquisitions. However, with eachphase of growth, historical chal- lenges often arise, particularly concerning systems, personnel, and processes. Management tends to pri- oritize immediate business opportunities over long- term operational efficiency. Consequently, as companies undergo multiple transformations, they mayfind themselves grapplingwith amyriadof op- erational issues, including disparate systems that fail to integrate seamlessly, convoluted workflows that hinder task analysis and assessment, and complex communication and validation processes across fi- nance, governance, andoperations. Astrategic approach to transformation Toeffectivelynavigatethistransformation,companies should consider three key timeframes: short-term, mid-term, and long-term. This approach requires a comprehensiveanalysisofexistingoperatingmodels, awillingness to challenge establishedways of work- ing, and a comparison with market trends. Compa- nies must also explore digital solutions that can enhance centralization, strengthen controls, improve performance, and eliminate redundant tasks. For instance, when a company seeks to improve op- erational workflows—such as financial controlling, reporting, or payment reconciliation—the CFO should begin by identifying the primary pain points and distinguishing between short-term improve- mentsandmorestructural,long-termenhancements. The expected impact should be assessed in terms of cost savings, efficiency gains, and quality improve- ments. Developing a clear decision matrix enables managementtoobjectivelycomparescenariosandse- lect the option that delivers the strongest, most sus- tainable benefits. Systemintegration and centralization Organizations often find themselves using multiple systems for the same functions, differingbetween lo- cations, business lines, and subsidiaries. This raises critical questions: Shouldwe centralize these systems intoonemajorplatform?Whatarethecostsinvolved? What is theROI? Bywhen canwe expect results? InLuxembourg,taxreductionsfortechnologyimple- mentation may motivate some companies to opt for high-cost technology solutions. However, it is vital to compare solutions based on specific needs, culture, and environment. To assesswhich systemand technology is the best fit for your organization, youcanstart byasking the fol- lowingquestions: Howadaptable is the system for future changes? How dependent are we on the technology provider?Isitmorebeneficialtochooseafit-to-standardso- lutionorapersonalizedone?Shouldweconsidercloud-based options? What are the security costs associated with these solutions? Summarizing these considerations in business cases can help management understand different options and scenarios, leading to the selection of the best so- lution that fits their current and future structure. LeveragingAI solution and its governance Today, innovative solutions exist in the market, par- ticularly those leveraging artificial intelligence (AI). These technologies offer organizations the opportu- nity to implement rapid, cost-effective solutions as opposed to traditional technologies that oftenrequire years of implementation and adjustment. The choice ultimately hinges on the company’s priorities and budget. How much are they willing to invest in change and the anticipated return on investment, which should be evaluated in terms of sustainable savings. In this new era of AI adoption, companies should followseveral keyprinciples: First, it is essential to clarify the AI governance model—whether centralized or decentralized—and toclearlydefine responsibilities acrossbusiness func- tions, finance, risk, compliance, and IT. Establishinga minimumcommonframeworkofpolicies,standards, and approvals is critical, while also allowing teams the flexibility to innovate and experiment. Second,implementingcontrolsthatareproportionate to risk is crucial. This involves considering use cases, criticality, client impact, and regulatory materiality. Ensuringcomprehensivetraceabilityofdata,models, versions, decisions, and suppliers, along with main- taining auditable documentation, enhances account- ability and transparency. Moreover, integrating AI into existing risk manage- ment frameworks—rather than creating isolated silos—strengthensoverallriskgovernance. It is also vital tomanage third-party risks associated with AI solutions, model providers, and cloud services through robust contractual requirements and thoroughdue diligence. Finally, establishing effective pro- duction monitoring, per- formance tracking, and inci- dent management process- es, along with mechanisms for rollback, ensures a resilient operational environ- ment. By embracing these strategies, organizations can effectively leverage AI and innovative solutions to foster sustainable growth and achieve operational excellence. The human factor in transformation It isvital to recognize thehuman factor in these trans- formations. While technology and processes are crit- ical, employee satisfaction is paramount for fostering sustainable growth inapositive environment.Asuc- cessful operational transformationnot onlyenhances efficiencybutalsocultivatesaculturewhereemploy- eesfeelvaluedandengaged.Ultimately,humanjudg- ment remains indispensable. Employees bring creativity, reliability, and commitment, qualities that technologycannotreplicate.Ensuringthatpeoplefeel valued and empowered, rather than threatened by technology, is essential to maintaining engagement andmotivation.Byembeddinghuman-centricvalues into operational policies and procedures, organiza- tions strengthen the resilience of their operating model. When technology encounters limitations— such as system failures or AI-related errors—skilled professionals are the oneswho step in, resolve issues, and safeguard continuity. Balancing efficiency, regulatory compliance and locations Assetservicersoperatethroughmultipledepartments and business units, such as depositary companies, fundsmanagementcompanies,andoperationscom- panies. It is crucial to find the right balance between these entities, maintaining high efficiency while re- specting regulatory controls. Many large companies also expand their teams into low-cost locations, pri- marily in Asia or India. However, the efficiency of theseteamsmustberegularlyreviewed.Justbecause these locations are deemed low-cost does not mean they have access to unlimited recruitment; this could create complexity rather than alleviate it. Regulators must ensure that companies in Luxem- bourgmaintainproper oversight, keepingcontrol of operationswithin the country toensurehighquality andsecurity. Controllingoffshore locationspresents more challenges than onshore ones. One significant issue in offshore locations is employee turnover; companies invest substantial effort in training and retrainingpersonnel,whichdiminishes the cost ben- efits associated with these locations. Therefore, it is essential to establish strong processes, procedures, policies, and workflows to ensure continuity in op- erations, quality reviews, and a comprehensive un- derstandingofthebusinesswhilebalancingoffshore and onshore locations. Andhowabout operational transformation? Expertshave theprivilegeof assessing thesebusiness casesacrossvariousindustries.Manycompanies,par- ticularly those owned by private equity firms, are under pressure to optimize costs by enhancing oper- ational processes and efficiencies. Fororganizationscontemplatingasale,improvingthe Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is crucial, achieved by in- creasingrevenuesandreducingcosts.Conversely,for thoselookingtoacquireanothercompany,itisessen- tial to evaluate the operationalmodel of the target or- ganization, integrate it into their existing framework, and enhance efficiencies by streamlining costs. While eachbusiness presents its unique complexities and specificities, the overarching narrative remains one of efficiency. Timing and responsibility in transformation The question of whowill undertake this transforma- tion andwhen it should occur ultimately determines itseffectiveness.Theexperienceshowsthattheearlier a company controls, tracks, and governs its opera- tional costs, the better it is for its future. Preparing for growthisadvisable,ratherthangrowingandthenfix- ing issues, as it is oftenmore expensive and complex to address problems later. Our consulting experience shows that to achieve the bestimpactontheseprojects,havingtherightknowl- edge andskills is key.Understanding local and inter- nationalbusinessmodels,havingindustryexperience, and being familiar with key market players, along with insights fromother sectors,will provide thebest experience for companies, allowingmanagement ac- cess to bestmarket practices. Conclusion: the path forward Our advice is clear: act sooner rather than later, pre- pare for growth, and choose your strategic partners wisely. Operational excellence is not merely an op- erational issue; it is a strategic one that opens doors to better growth and opportunities. Consulting firms today must possess expertise in technology, operations, strategy, finance, andman- agement, both locally and internationally. Combin- ing these skills is essential to provide the best services to clients. Fortunately, a good Business Consulting Team has the right experience and ac- cess to international specialistswhenneeded, ensur- ing that we can guide organizations through their operational transformation journey effectively. By embracing operational transformation, CFOs and SeniorManagement cannavigate change andposi- tion themselves for sustainable growth in an ever- evolving business environment. BriceLECOUSTEY, EYLuxembourgConsultingPartnerandAssetServicingLeader TaniosASSAF, EYLuxembourgSeniorManager,CFOServices CFO Leadership in Action Driving Operational Transformation inAsset Servicing ©Raiffeisen