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MongoDB and Lombard Odier: A Modern Banking Partnership

In a significant move to enhance its technological capabilities, Lombard Odier, a prestigious Swiss private bank with a history dating back to 1796, has announced a partnership with MongoDB, Inc. This collaboration aims to streamline and modernize the bank's core technology systems by leveraging the power of generative AI. This innovative approach is set to reshape how Lombard Odier delivers services to its clients, both private and institutional.

Since its inception, Lombard Odier has been committed to providing exceptional financial services, but the rapid evolution of digitization and the introduction of AI necessitated a transformation in its banking technology. The bank's efforts to modernize its operations commenced with its GX Program, a strategic initiative launched in 2020 to revamp its banking application architecture, allowing it to better respond to the ever-changing market landscape.

Accelerated Transformation

The partnership with MongoDB marks a pivotal moment in Lombard Odier's modernization journey. Through the integration of generative AI, the bank has achieved remarkable advancements, including the ability to migrate code 50 to 60 times faster than prior migrations. Furthermore, applications previously housed in legacy relational databases have been transitioned to MongoDB up to 20 times quicker. This swift transformation is a game-changer, reducing the time required for project completion from days to mere hours by automating repetitive tasks with AI tooling.

Such capabilities not only lead to enhanced internal efficiency, but they also enable Lombard Odier to provide seamless digital experiences for its clients. As customer expectations continue to rise, the bank acknowledges the need for cost efficiency while simultaneously improving service delivery—a challenge faced across the banking sector.

The Generative AI Advantage

Lombard Odier's decision to integrate generative AI extends beyond mere technical upgrades. The bank has developed a Modernization Factory in conjunction with MongoDB, which assists in overcoming common barriers linked to legacy applications, such as excessive time, cost, and risk. This initiative has cleared the backlog of technical debt that often plagues traditional banking systems, allowing Lombard Odier to integrate state-of-the-art technology swiftly and effectively.

Geoffroy De Ridder, Head of Technology and Operations at Lombard Odier, emphasized the importance of this technological partnership, stating that it enhances the bank's strategy by harnessing the latest innovations to facilitate employee efficiency and improve client services. MongoDB's cloud-agnostic database platform and AI-first approach have proven instrumental in automating labor-intensive procedures while providing a scalable solution to upgrade existing applications.

Driving Customer Experience

Notably, Lombard Odier's portfolio management system (PMS) stands as a testament to the success of this transformation. Serving thousands of users, the PMS is crucial in managing diverse financial instruments, and its migration to the MongoDB platform has ensured that investment monitoring and decision-making processes remain seamless. The PMS is instrumental in generating portfolio reports and serves as the backbone of Lombard Odier's online banking application,