In an era of rapid technological advancement, the banking industry finds itself at a critical crossroads. As financial institutions strive to meet evolving customer expectations, comply with stringent regulations, and fend off disruptive competitors, IT transformation has become more than a buzzword - it’s now essential for survival and growth.

Today, we sit down with Alan Goodrich, Regional Sales Manager at ERI, a leading provider of technology solutions for banks and financial institutions across the globe for over 30 years. Together, we’ll delve into the intricate world of IT transformation in banking. From legacy system modernization to cybersecurity concerns, and from regulatory compliance to the integration of emerging technologies, we'll explore the multifaceted obstacles that banks must overcome in their journey towards digital maturity.

What do you view as the common challenges facing all types of financial services providers, and how can these concerns be effectively addressed?

“Financial services institutions currently have two principal topics that keep their boardrooms busy: staying profitably relevant for a new generation and navigating an overwhelming wave of regulation and compliance. Addressing both requires a commitment to digital transformation.”

“Effective process control and high data quality lead to greater customer satisfaction, improved efficiency, and stronger compliance. Converting manual or disjointed processes into streamlined digital ones that, in turn, provide a holistic real-time single version of the truth from either siloed legacy platforms or even a new spaghetti of fintech applications is extremely challenging. Investing in transforming the bank by identifying the right technology platform to turn these challenges into opportunities for deeper customer relationships and greater innovation to generate new income streams, regardless of the type of financial institution, has become a key driver of future-proof growth strategies.”

Could you share more about the high-level expectations for a technology platform and how it enables banks and financial institutions to digitize and optimize their operations?

“For a bank to remain profitable while delivering an exceptional customer experience, it must rely on a robust core banking system that serves as the nerve centre of its daily financial services operations. ERI’s OLYMPIC Banking System is unique in this regard, offering a comprehensive suite of functionalities to support a wide range of financial services needs. Built on a modern, integrated, real-time processing platform with a Service-Oriented Architecture, OLYMPIC leverages the latest open financial services APIs to empower banks in achieving true digital transformation across both customer experience and operational processes.”

How does technology specifically support the digital transformation efforts of financial services providers?

“Without real-time processing that underpins instant access to consistent, reliable data, there is no digital transformation. This is where the OLYMPIC Banking System’s architecture really comes into its own. Whether it is a customer accessing the system via a digital channel or app, an internal user via a browser, or a third-party application via an Open API, the same business services are being invoked and the same data is being accessed. This approach simplifies complexity, creating a seamless process and information flow with a high level of automation.”

Could you provide concrete examples of how your platform helps financial services providers reduce risks, control costs, and foster innovation and growth?

“We’re fortunate to have numerous case studies showcasing how the OLYMPIC Banking System has benefited our users. For example, at Bankinter in Luxembourg, streamlined processes have enabled bankers to onboard 300% more customers while reducing operational risk and enhancing overall satisfaction.”

“Cidel Asset Management is another notable example, earning Canada’s Digital Innovator of the Year award shortly after implementing the OLYMPIC Banking System. By consolidating three systems into one, Cidel achieved substantial cost savings and operational efficiencies. In one case, they processed over 77,000 individual trades for a single client, settling each with multiple custodians without a single error or failed trade. This flawless performance strengthened client confidence, leading to an increased allocation to Cidel in the following months.”

“Milleis Banque, formerly Barclays Bank France with a network of around 70 branches nationwide, is another notable example. The bank selected the OLYMPIC Banking System as its core information system, establishing it as the backbone of an ecosystem that integrates specialized services. Functionality is delivered through web services and APIs, providing seamless access to the data that powers the bank’s digital tools. This transformation led to a fourfold reduction in applications, enabling all users to benefit from streamlined business processes in their daily operations.”

How is your platform prepared to meet future demands, especially in regards of trends such as cloud, API’s, and AI?

“ERI has consistently ensured that the technology and architecture behind the OLYMPIC Banking System are built not only for today’s needs but also for the future. Our future-proof approach allows the system to remain platform-agnostic, offering flexible deployment options—on-premises, hosted, or in the cloud. Coupled with an Open API strategy that supports open banking initiatives, this enables our users to take advantage of the security, agility, elasticity, resilience, and cost-efficiency of modern deployment models, while also unlocking new AI-driven use cases.”