US-based cloud-native document database services provider MongoDB has teamed up with Swiss private bank Lombard Odierx to modernise its core banking technology.
The collaboration will leverage generative AI (GenAI) to advance Lombard Odier’s systems and applications, reducing technical complexity.
With GenAI technology from MongoDB, Lombard Odier could migrate code at enhanced speed, completing transitions 50 to 60 times faster than previous methods.
The integration enabled the bank to move applications from legacy relational databases to MongoDB 20 times quicker, significantly enhancing efficiency.
In addition, the automation helped the bank eliminate repetitive tasks, reducing project timelines from days to hours.
MongoDB chief product officer Sahir Azam said: “Financial institutions with as much history as Lombard Odier undoubtedly have large, complex legacy systems that have been supporting the business for decades.
“However, it is important for organisations to constantly evaluate these systems to understand if they are still serving their best interest today, and for the future.
“This can be a daunting task, but we are proud to have worked through this with Lombard Odier to prove that it is possible and can actually be quite simple with the right technology.
“The transformation work Lombard Odier has done sets them up to take advantage of new, cutting-edge technologies which improve customer experience immensely.”
Lombard Odier selected MongoDB as the data platform for its transformation, based on its 10-year relationship with the cloud services provider.
The bank initially appointed MongoDB to develop its portfolio management system (PMS), which manages shares, bonds, exchange-traded funds, and other financial instruments.
PMS plays a key role in monitoring investments, enabling investment decisions, generating portfolio statements, and powers Lombard Odier’s online banking application MyLO.
Lombard Odier partnered with MongoDB to co-build a Modernization Factory, a service designed to eliminate limitations of legacy systems such as time, cost, and risk.
MongoDB’s Modernisation Factory team developed a turnkey generative AI tooling, including customised scripts and prompts specific to Lombard Odier’s tech stack.
The tools automated integration testing and code generation, simplifying the deployment.
Lombard Odier technology and operations head Geoffroy De Ridder said: “To enhance Lombard Odier’s business strategy, we developed a technology platform that draws on the latest technological innovations to facilitate employees’ day-to-day work and provide clients with individualised investment perspectives.
“We chose MongoDB because it offers us a cloud-agnostic database platform and an AI modernisation approach, which helps to automate time-consuming tasks, accelerate the upgrade of existing applications, and migrate them at a faster rate than ever before.
“Having up-to-date technology has made a big impact on our employees and customers while proving to be fast, cost-effective, and reducing maintenance overheads.”
