Sydney, Australia – Software company MongoDB has announced that it has recently formed a strategic partnership with Swiss private bank Lombard Odier, with the goal of modernising its banking technology systems.
In this collaboration, the bank will integrate MongoDB’s solutions to accelerate the adoption of artificial intelligence, streamlining technical complexity and fostering greater innovation. This move further enables the bank to evolve its systems and incorporate new technologies to give its clients the best possible service and experience.
For instance, Lombard Odier’s GX Program has been reshaping its banking application architecture since 2020 as part of its seven-year modernisation strategy. Designed to respond to evolving market needs, the programme aims to accelerate innovation, enhance service stability, and optimise customer satisfaction.
Building on its 10-year relationship with MongoDB, the bank also selected MongoDB as the data platform for its transformation initiative. The bank’s first major migration was its Portfolio Management System (PMS), where MongoDB played a crucial role in ensuring PMS could continue supporting investment decisions, portfolio tracking, and reporting.
Furthermore, PMS powers Lombard Odier’s digital banking platform, “MyLO,” providing seamless access to banking services for clients.
The bank also collaborated with the company to co-build a modernisation factory that offers services that help customers eliminate barriers like time, cost, and risk frequently associated with legacy applications and eliminate technical debt that has accumulated over time. This solution aims to expedite a secure and efficient modernisation.
Lombard Odier partnered with MongoDB’s Modernisation Factory team to create customisable generative AI tools, including bespoke scripts and prompts tailored to its unique infrastructure. By automating integration testing and code generation, these tools significantly expedited the bank’s modernisation efforts and deployment process.
Geoffroy De Ridder, head of technology and operations at Lombard Odier, commented, “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,” he added.
Alongside PMS, Lombard Odier also extended its modernisation efforts to multiple other applications from its existing Java application server to the bank’s next-generation framework.
In particular, the bank then went a step further and worked with MongoDB to use generative AI on a marketing application called “Publications” to accelerate the code migration. The bank’s developers were also able to use Modernisation Factory GenAI-based tooling and products to feed into scenarios during regression testing and automatically generate new code much faster than before.
Sahir Azam, chief product officer at MongoDB, 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 interests 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,” Azam further explained.
