MongoDB & Lombard Odier to modernize core banking technology using Gen AI

CIOTechOutlook Team | Wednesday, 05 February 2025, 11:43 IST

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MongoDB, Inc. announced today that Lombard Odier, a global Swiss private bank that was established in 1796, has partnered with MongoDB to modernize its leading banking technology systems further. In collaboration with MongoDB, Lombard Odier has augmented the modernization of its systems as well as applications with generative AI, decreasing technical complexity and augmenting the bank's journey of innovation. The generative AI-assisted modernization drive empowered Lombard Odier to Migrate code 50 to sixty times faster than previous migrations, Move applications from relational DB to MongoDB 20 times quicker, utilizing generative artificial intelligence and Automate repetitive tasks with AI tooling for augmenting the pace of innovation and decreasing project times from days to just hours.  

"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 individualized investment perspectives," said Geoffroy De Ridder, Head of Technology and Operations at Lombard Odier. "We chose MongoDB because it offers us a cloud-agnostic database platform and an AI modernization 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."

"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 organizations to constantly evaluate these systems to understand if they are still serving their best interest today, and for the future," said Sahir Azam, Chief Product Officer at MongoDB. "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 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."

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