MongoDB, Inc. (NASDAQ: MDB) announced that Lombard Odier, a Swiss private bank, partnered with MongoDB to enhance its banking tech systems.
In collaboration with MongoDB, Lombard Odier has streamlined the modernization of its systems and apps 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 digital experiences to private and institutional customers while driving cost efficiencies is a “challenge across the banking industry.”
With the acceleration of digitization and the advent of AI, Lombard Odier is evolving its systems and “integrating technologies to give its clients the best possible service and experience.”
The bank’s GX Program—an initiative designed to modernize Lombard Odier’s banking application architecture to respond to market developments—launched in 2020 with the goal of enabling “innovation, reducing potential service disruption, and improving customer experiences.”
Building on its 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 app, 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 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 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.”
Geoffroy De Ridder, Head of Technology and Operations at Lombard Odier said:
“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 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 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.”
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.”
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.”