Alan Goodrich (ERI) : “The goal of digital and digital transformation is to retain profitable clients and attract new clients”.

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Published on
September 25, 2023

·As Regional Sales Manager at ERI, can you give us a brief presentation of the OLYMPIC Banking System, highlighting the unique advantages that differentiate it on the market?

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. Having successfully delivered more than 400 implementations in over 60 countries, ERI has established deep expertise by continuously envisioning and incorporating future requirements 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 that helps banks and financial institutions streamline their core business activities across their clients’ entire lifecycle. With its broad range of functionality deployed on state-of-the art technology, OLYMPIC Banking System responds to the challenges of a wide variety of banking and financial services 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.

As digital & digital transformation is increasingly present in the environment, how does ERI's OLYMPIC system allow banks to adapt to these changes ?

The goal of digital and digital transformation is to retain profitable clients and attract new clients, ideally, while minimizing costs and risks. Banks and financial services providers generally need to improve operational efficiency by automating and streamlining key processes. This not only allows 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. To do this, banks need to rely on modern, secure and open technology platforms that facilitate innovation. A personalized user experience needs to be created, thereby increasing customer acquisition and retention through a faster, smoother and more seamless experience, regardless of the channel used. Diversification of products and services is key to ensuring new sources of revenue, and reducing time to-market is imperative for customer satisfaction.

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. Additionally, the range of functionality offered by OLYMPIC Banking System’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. 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 institutions to take a holistic approach to customer needs.

How does this system ensure compliance with customers on the one hand and data security on the other?

The OLYMPIC Banking System platform is fully secure, thanks to strict compliance with common best practices relating to access rights and authorisation management. Banks and financial institutions can automatically embed regulatory constraints into workflows, making sure the activities performed are fully compliant with all major regulatory and legal initiatives. Data can be managed through a unified database acting as the single source of truth so that banks can stay in control and ensure data consistency and security. Security is taken very seriously as relationship managers and bankers and other financial services providers are working with highly confidential data. Therefore access rights and multi-factor authentication are required to access certain consultation and input functions. Restrictions for each function can also be customised. Digital signatures can be stored to manage the non-repudiation of transactions for example.

Can you tell us about a "success story" following the implementation of the OLYMPIC system within an institution?

ERI’s clients trust the company to empower them, through the use of OLYMPIC Banking System, with flexible, problem-solving tools to stay ahead of the curve and anticipate their own customers’ needs. As a result, ERI has a track record of fantastic success stories with its clients over the years. Some recent examples include; Cidel, a private bank in Canada, winning the “Digital Innovator of the Year” award thanks to the agility and flexibility it gained by implementing OLYMPIC Banking System, another client, Stern International Bank in Puerto Rico, was recently recognised together with OLYMPIC Banking System for its “Best Payment Hub/Wholesale Payments Implementation: Best Adoption of Tools & Governance” and “Best Transaction Banking Implementation: Best Project Implementation.”

In the future, what new features could ERI customers benefit from?

Innovation is crucial to the continuing success of any organisation, especially one operating in the financial services technology sector. Finding new ways of leveraging the latest technology is part of ERI’s DNA. We are constantly working to meet the future needs of clients and prospects from a business, regulatory and technology perspective. ERI clients, and their customers, can expect to benefit from OLYMPIC Banking System evolution in many areas, including, but not limited to; deployment options including the Cloud, digital delivery channels and user experience, support for new digital asset classes, the use of Artificial intelligence (AI) for hyper-personalisation of offerings and increased efficiency in operations, new or enhanced regulatory compliance requirements and the adoption of the latest industry standards and best practices.

Thanks to Alan Goodrich - Regional Sales Manager at ERI