Lombard Odier, a non-public Swiss financial institution based in 1796 with US$354 billion in shopper belongings, has launched into a large-scale expertise transformation to streamline operations and improve shopper companies.
In response to the rising want for digital innovation, Lombard Odier has collaborated with MongoDB to modernise its infrastructure utilizing gen AI.
This initiative is a part of the financial institution’s ongoing dedication to scale back technical complexity and speed up innovation.
The monetary business’s fast digitalisation and the growing demand for AI-powered options prompted Lombard Odier to evolve its methods.
In 2020, the financial institution launched the GX Program, a seven-year initiative aimed toward modernising its banking structure. This programme seeks to enhance service supply, scale back prices, and improve buyer expertise by adopting the most recent technological improvements.
Lombard Odier wanted a cloud-agnostic database platform with AI capabilities to help this transformation.
The intention was to use this transformation persistently throughout the organisation, lowering service disruption and accelerating innovation.
After a decade-long relationship, Lombard Odier selected MongoDB as its accomplice for this transformation.
MongoDB really helpful its Modernisation Manufacturing facility, combining generative AI instruments and its experience to hurry up the method of software migration and modernisation.
The financial institution’s IT staff got down to obtain three predominant aims: changing its present SQL database with MongoDB, migrating from its legacy Java software server to a next-generation framework, and automating the testing of AI-driven use instances.
The financial institution’s portfolio administration system (PMS), managing a variety of economic devices, was the primary main software emigrate to MongoDB.
Moreover, Lombard Odier started transferring over 250 functions to the brand new framework, utilizing generative AI to speed up code migration and improve testing processes.
The migration course of has been considerably accelerated. Lombard Odier has seen a dramatic discount within the time taken for code migration – migrating easy code is now 50 to 60 instances sooner, and smaller functions migrate 20 instances faster.
Regression testing, which beforehand took three days, now completes in simply three hours, due to AI-driven automated testing.
MongoDB’s cloud-agnostic resolution, Atlas, additionally gives the flexibleness wanted for future cloud transitions whereas making certain regulatory compliance and safety.
The modernisation has created a developer-friendly tradition on the financial institution, attracting new expertise and liberating up assets for additional innovation.
With the profitable migration of key functions, Lombard Odier continues its progress below the GX Program and plans extra database migrations within the coming months.
Featured picture credit score: edited from freepik
