OLYMPIC Banking System empowers digital finance innovation” : Alan Goodrich, ERI

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Published on
April 18, 2024

At the Family Offices & Asset Management Summit hosted by Hubfinance, we caught up with Alan Goodrich, Regional Sales Manager at ERI.
Alan Goodrich shared invaluable insights into ERI's groundbreaking OLYMPIC Banking System, which is transforming banking systems globally, optimizing operations, and digitizing processes for financial institutions worldwide.

Could you explain what the OLYMPIC Banking System consists in and how it helps banks and financial institutions digitize and optimize their business activities?

The OLYMPIC Banking System is really unique in offering incredible breadth and depth of functionality to support a wide range of financial services’ business needs on a modern, integrated, real-time processing platform built on a Service Oriented Architecture that enables the latest open financial services APIs needed to truly achieve digital transformation of both the customer experience and operational processes.

What are the main benefits and features of your digital platform for financial institutions, whether private, commercial, retail or central?

Financial institutions currently have two major concerns that keep their Boardrooms busy; staying profitably relevant for a new generation while keeping ahead of the tsunami of regulation and compliance. Process control plus data quality, equals compliance. By converting manual or disjointed processes into streamlined digital ones that, in turn, provide a holistic real-time single version of the truth, the OLYMPIC Banking System transforms what are challenges for legacy systems into opportunities to deepen customer relationships and innovate to generate new income streams, whatever the type of financial institution.

How does OLYMPIC Banking System support digital transformation of financial institutions by automating complex processes and offering a seamless customer experience?

Without the real-time processing that underpins instant access to reliable data, there is no digital transformation. This is where the OLYMPIC Banking System’s architecture really comes into its own. Whether it is a customer accessing via a web app, an internal user via a browser, or a 3rd party application via an Open API, it is the same business services that are being called and the same data being accessed. This approach enables the complex to be simplified with a truly seamless process and information flow enjoying high-levels of automation.

Could you give us concrete examples on the ways that your platform helps financial institutions reduce risks, master costs and promote innovation and growth?

We have many concrete examples and case studies of how the OLYMPIC Banking System has helped financial institutions. For example, at Bankinter in Luxembourg thanks to the new streamlined processes in OLYMPIC its bankers are able to onboard 300% more customers while reducing operational risk and improving overall satisfaction. Cidel Asset Management is another good example, winning Digital Innovator of the Year in Canada shortly after implementing OLYMPIC. Cidel were able to eliminate 3 systems, bringing considerable cost savings and, as an example of the efficiencies obtained from using the new system processed, for a single client, over 77,000 individual trades and settled the trades with multiple custodians without a single error or a failed trade, which gave the client confidence to increase its allocation to Cidel in the succeeding months.

One more example (if you have time) is Milleis Banque, formerly Barclays Bank France, with some 70 branches country-wide. OLYMPIC Banking System was selected as the bank’s core information system, establishing itself as the backbone of an ecosystem which integrates the other additional specialized services. Functionality is delivered as web services or APIs, providing access to the data powering the bank’s digital tools, resulting in a fourfold reduction in the number of applications and allowing all users to benefit from optimized business processes in their day-to-day operations.

How is your platform prepared for the future, especially regarding the trends such as cloud, API’s and SaaS models?

ERI has always ensured that the technology and architecture underpinning the OLYMPIC Banking System is fit for today and for the future. We have adopted a future-proof approach that allows the system to be deployed as either VM-based or Container-based. This, together with an Open API strategy to support open financial services, ensures that our users can leverage the security, agility, elasticity, resilience and cost-efficiency benefits that these latest models, such as cloud and SaaS have to offer.

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