ERI’s mission is to deliver a unique technology solution, OLYMPIC Banking System, that constantly evolves and adapts to meet the critical requirements of financial institutions and responds to the constraints and challenges of the market.
Over the years, and after having successfully delivered more than 400 implementations in over 60 countries, ERI has built up solid expertise by realistically envisioning future enhancements while ensuring the efficiency of the existing product for our clients’ day-to-day use.
OLYMPIC Banking System is a fully integrated, front-to-back, parameter-driven digital platform which supports banks and financial institutions with streamlining their core business activities across their clients’ entire lifecycle.
With its wide range of functions and state-of-the art technology, OLYMPIC Banking System responds to the challenges of a number of banking and financial sectors, mitigating risks and embedding regulatory checks with the objective of keeping costs under control and optimising operational efficiency to unlock an institution’s full growth potential.
Increasing pressures
According to Jean-Philippe Bersier, Director – Director of Sales & Marketing at ERI, banks and financial institutions are under pressure to review business models and future-proof profitability.
Since reducing operating costs is one of the main factors that can influence a bank’s profitability, IT infrastructure is one of the first areas to consider. “More and more financial institutions are choosing to replace high-maintenance hardware with the flexibility of running banking services from the cloud,” he said.
Furthermore, Mr Bersier said that banks need to improve operational efficiency by automating and streamlining key processes. This will not only allow staff to focus on value added client servicing, but also to mitigate operational and compliance risks that can be very costly if not managed correctly. Mr Bersier added “To do this, banks need to rely on modern, secure and open technology platforms that facilitate innovation.”
The third major aspect involves remaining competitive in terms of service offering and pricing in a very aggressive ecosystem of players, including new entrants such as nontraditional banking service providers.
“Banks need to create a personalised user experience, thereby increasing customer acquisition and retention through a faster, smoother and more seamless experience, regardless of the channel used.”
Diversification of products and services, Mr Bersier added, is key to ensuring new sources of revenue, and reducing time to-market is imperative for customer satisfaction.
Technology as an engine for growth
ERI helps banks and financial institutions tackle these challenges by supporting them in the ongoing evolution of their digital transformation strategy. By automating and streamlining key processes, the risk of errors is significantly reduced.
According to Mr Bersier, technology can play a crucial role in the digitalisation of business models, but it can also become an engine for growth. “For example, with a SaaS approach, our customers rely on us to manage their workflows according to their requirements. Financial institutions benefit from a single point of contact to manage their day-to-day IT activities (infrastructure and applications), while ensuring supervision and control throughout the process.”
Additionally, the range of functionality offered by ERI’s APIs allows banks to expand their service offerings and attract new customer segments. The company’s technology platform facilitates the consolidation of data and ensures end-to-end accuracy.
Mr Bersier added, “Access to real-time data in an open ecosystem allows banks to build tailored offerings. Data is no longer siloed, but accessible throughout the customer journey, allowing bankers to take a holistic approach to customer needs.”
A state of evolution
The way banks and financial institutions have been addressing their technology needs has evolved to follow the trend of “platformification” and component banking. “Using a secure, robust and scalable IT platform has become a pillar of a bank’s development strategy”, stated Mr Bersier.
“This new model”, he continued, “fits with OLYMPIC Banking System’s constant evolution, as all our solutions are fully integrated within the technology platform, while satellite services can be plugged into the ecosystem using open APIs to fully tailor the solution to the needs of a specific customer segment and facilitate collaboration.”
Mr Bersier added, “We have seen market expectations move towards digital front-end solutions and as a result, ERI has been adapting its offering accordingly. “Digital banking is here to stay and the way banks handle and analyse CRM data has also become essential to ensure omni-channel and on-demand banking services.”
“OLYMPIC Banking System provides private bankers and wealth managers with solutions that meet the needs of their clients, whether individuals or institutions, and the same is true for every sector that the company serves.”
“Our clients include a wide range of financial services providers across the globe,” Mr Bersier said, “Whether the institution is a private, corporate or retail bank, a central bank, a credit union or a business focusing on custody, fund administration or brokerage services, OLYMPIC Banking System helps automate complex and time-consuming processes from front to back office and has the functional coverage as well as the scalability to adapt to very specific market requirements and business needs. With clients in over 60 countries, we have acquired strong knowledge of the market characteristics on every continent.”
The highest level of service
OLYMPIC Banking System has established itself as a pivotal driver of the business growth of banking and financial institutions. According to Mr Bersier, it is capable of adapting to the most specific and complex requirements.
“All our achievements are driven by our total dedication to providing the highest level of service. One of the reasons for our success is our understanding of the realities of the market. The close cooperation with our clients and partners ensures that our solutions are in line with market needs.”
“OLYMPIC Banking System provides private bankers and wealth managers with solutions that meet the needs of their clients, whether individuals or institutions, and the same is true for every sector that the company serves,” Mr Bersier said.
Mr Bersier added, “Central banks, for example, are able to manage government monetary reserves in gold and foreign currencies, among many other key processes covered by OLYMPIC Banking System. A retail bank on the other hand, can focus on its digital offering to support branch activities. Further, wealth managers can benefit from real-time positions and portfolio valuations, as well as sophisticated risk analysis through ERI’s Portfolio Management System.”
Mr Bersier stated that private banks are currently facing the biggest generational wealth transfer in decades. Modern technology is essential to cater to Gen Z needs and expectations, such as advisory services that integrate customers into the decision-making process and access to all the necessary banking services, whenever, wherever.
Staying ahead of the curve
No matter what financial institutions do or plan through their development strategy, their existing operating model must be reviewed to ensure future-proofing and innovation to respond to new customer segments and needs.
“This is an enormous challenge,” Mr Bersier said, “and the only way to face it day after day is the capacity to rely on a digitally enabled platform that facilitates agility and connectivity thanks to an open architecture.”
ERI’s clients trust the company to empower them with flexible, problem-solving tools to stay ahead of the curve and anticipate their own customers’ needs. The company has built fantastic success stories with its clients over the years.
“Seeing clients trust us year after year and launching new projects with them is the best recognition possible and a strong source of motivation for our entire team,” Mr Bersier said.
For example, ERI’s client Cidel, a private bank in Canada, won the “Digital Innovator of the Year” award thanks to the agility and flexibility it gained by implementing OLYMPIC Banking System. Another client in Puerto Rico, Stern International Bank, was recognised for its “Best Payment Hub/Wholesale Payments Implementation: Best Adoption of Tools & Governance” and “Best Transaction Banking Implementation: Best Project Implementation.”
A project is successful when the bank can measure the outcome and the benefits of implementing a new technology solution. These benefits are typically measured in terms of operating costs or the time saved on previously manual processes.