Luxembourg Wealth Tech Day 2024 : Alan Goodrich sheds light on the challenges, trends and strategic choices for 2024.

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Published on
January 29, 2024

Luxembourg Wealth Tech Day 2024 : Alan Goodrich sheds light on the challenges, trends and strategic choices for 2024.

Join Alan Goodrich this Thursday, 2024 February 1st, at 11:00
Panel II: Operational Excellence - Remastering the Key Drivers of Value Creation and Customer Experience.

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What do you think are the major issues and trends to watch for in 2024?

For many institutions the major issues relate to meeting the existing, and forthcoming, compliance and regulatory requirements while avoiding censure (fines or warnings from the regulator and/or shortcomings identified by auditors). The trends to watch for are the popular topics of AI and Open Banking digital transformation and innovation to retain and attract both existing and the next generation of customers. However, the strategy required to navigate an effective path through these issues and trends, for many institutions, is the topic keeping boardrooms busy in 2024.

What are the crucial tech choices this year?

It is quite astonishing how many institutions plan to change or acquire one or more satellite systems to address digital transformation objectives without changing the core system to support them. Investing in making cosmetic changes to the decor and dressing-up the service in the restaurant without investing also in renovating the kitchen and enabling improvements/innovation to what is put on the plate is unlikely to ensure that the establishment remains relevant and profitable in the future? And, to keep the food analogy going, bolting-on all these satellite systems, even with OpenAPIs (and especially with micro-services), simply recreates a bowl of tech spaghetti together with the associated compliance and operational risk nightmare they need to get away from. For those institutions that don’t already have one, the starting point should be choosing to implementing a modern, integrated core system that provides one version of the truth with real-time processing and digital delivery on an open, unified SOA (API-first) platform.

What will be your role and what do you expect from Wealth Tech Day this year?

As a trusted partner to the market and the supplier of the leading, modern, integrated core system in Luxembourg, OLYMPIC Banking System, ERI’s wish and expectation is to stimulate discussions and articulate our value proposition so that institutions that need to address the major issues and trends and make crucial tech choices in 2024 have everything they need to make the best informed decisions for the future of their institutions.

Thank you Alan for your answers.