Swiss private bank Lombard Odier has actioned a Generative AI-powered banking tech system upgrade in partnership with open source database management system MongoDB.Lombard Odier has upgraded tech stack with GenAIThis development will focus on the bank’s largest application, its portfolio management system (PMS), which is currently used to manage, make and monitor investments, generate portfolio statements, and power its online banking app MyLO.In an effort to reduce the time, cost and technical debt of migrating old systems to newer technologies, the pair have co-created a Modernization Factory.The service seeks to accelerate the bank’s digital transformation by using MongoDB’s GenAI tools, including scripts and prompts, to automate integration testing and code generation.Aside from its PMS, MongoDB says Lombard Odier has also used the Modernization Factory to move multiple other applications, including its marketing application Publications, from its legacy Java application server to the new mainframe.The service also extended to the bank’s developers, who are using the tooling to automate regression testing and generate new code at a speed, which MongoDB states is “much faster than before”.Geoffroy De Ridder, head of tech and operations at Lombard Odier, adds that the Modernization Factory aims to “facilitate employees’ day-to-day work, and provide clients with individualised investment perspectives”.Having worked together for over a decade, MongoDB continues to support Lombard Odier’s GX Program – a seven-year initiative launched in 2020 to overhaul the bank’s tech architecture. This strategy also led to the deployment of NetGuardians’ AI-powered fraud prevention solution in 2021.With $354 billion in client assets, Lombard Odier is one of Switzerland’s largest private banks, providing wealth and asset management and private banking services since 1796.
Gio. Feb 6th, 2025
