Leading Swiss bank uses MongoDB to accelerate
generative AI innovation and deliver enhanced services to
clients
NEW
YORK, Feb. 4, 2025 /PRNewswire/ -- MongoDB, Inc.
(NASDAQ: MDB) today announced that Lombard Odier, a global Swiss
private bank founded in 1796, has partnered with MongoDB to further
modernize its leading banking technology systems. In collaboration
with MongoDB, Lombard Odier has accelerated the modernization of
its systems and applications with generative AI, reducing technical
complexity and accelerating the bank's innovation journey. The
generative AI-assisted modernization initiative enabled
Lombard Odier to:
- Migrate code 50 to 60 times quicker than previous
migrations
- Move applications from legacy relational databases to MongoDB
twenty times faster, leveraging generative AI
- Automate repetitive tasks with AI tooling to accelerate the
pace of innovation, reducing project times from days to hours
Delivering seamless digital experiences to private and
institutional customers while driving cost efficiencies is a major
challenge across the banking industry. With the acceleration of
digitization and the advent of AI, Lombard Odier is evolving its
systems and integrating new technologies to give its clients the
best possible service and experience. The bank's GX Program—a
seven-year initiative designed to modernize Lombard Odier's banking
application architecture to respond to market developments—launched
in 2020 with the goal of enabling quicker innovation, reducing
potential service disruption, and improving customer
experiences.
Building on its 10-year relationship with MongoDB, Lombard Odier
chose MongoDB as the data platform for its transformation
initiative. The bank initially decided to develop its portfolio
management system (PMS) on MongoDB. The bank's largest application,
with thousands of users, PMS manages shares, bonds, exchange-traded
funds, and other financial instruments. MongoDB's ability to scale
was key to this system migration, as this system is used to monitor
investments, make investment decisions, and generate portfolio
statements. It is also the engine that runs Lombard Odier's online
banking application "MyLO," which is used by the bank's
customers.
The bank engaged with MongoDB to co-build a Modernization
Factory—a service that helps customers eliminate barriers like
time, cost, and risk frequently associated with legacy applications
and eliminate technical debt that has accumulated over time—to
expedite a secure and efficient modernization. MongoDB's
Modernization Factory team worked with Lombard Odier to create
customizable generative AI tooling, including scripts and prompts
tailored for the bank's unique tech stack, which accelerated the
modernization process by automating integration testing and code
generation for seamless deployment.
"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."
In addition to PMS, Lombard Odier modernized multiple other
applications from its existing Java application server to the
bank's next-generation framework. 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 Modernization Factory
gen AI based tooling and products to feed into scenarios during
regression testing and automatically generate new code much faster
than before.
"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 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."
Discover how Lombard Odier and MongoDB worked together to
modernize legacy banking technology.
About MongoDB
Headquartered in New York,
MongoDB's mission is to empower innovators to create, transform,
and disrupt industries by unleashing the power of software and
data. Built by developers, for developers, MongoDB's developer data
platform is a database with an integrated set of related services
that allow development teams to address the growing requirements
for today's wide variety of modern applications, all in a unified
and consistent user experience. MongoDB has tens of thousands of
customers in over 100 countries. The MongoDB database platform has
been downloaded hundreds of millions of times since 2007, and there
have been millions of builders trained through MongoDB University
courses. To learn more, visit mongodb.com.
Forward-looking Statements
This press release includes certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements concerning
MongoDB's partnership with Bendigo and Adelaide Bank and the application modernization
initiative. These forward-looking statements include, but are not
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