Overview

Andbank initiated the project to upgrade its portfolio management system in response to several key needs. First, there was a necessity to address increasing costs associated with the existing externally-provided portfolio management system. Additionally, as the bank underwent corporate expansion, it faced challenges related to interface frictions between the portfolio management system and the core banking system. Technological and regulatory demands further underscored the need for a system upgrade. The primary objective was to simplify operations and enhance the system’s functionality to generate faster and more comprehensive analytics for Andbank’s private banking clients. The upgraded system needed to seamlessly interface with the bank’s e-banking and mobile banking solutions.

Andbank chose ERI as the partner for this critical project based on a combination of trust, industry experience, and the proven success of their existing collaboration. Andbank had a longstanding relationship with ERI, having used their comprehensive core banking system, the OLYMPIC Banking System, for many years. The decision to upgrade the portfolio management system was a strategic one, and ERI was selected for its ability to adapt and enhance the existing OLYMPIC Banking System model to meet the specific needs of Andbank.

Familiarity with ERI’s technology, coupled with the trust built over 28 years of partnership, played a crucial role in the decision-making process. Andbank’s confidence in ERI’s capability to consult, communicate, and deliver solutions was paramount, especially considering the critical nature of the portfolio management system as one of the most important and powerful tools in the bank’s daily operations.

Implementation Process

The implementation process of upgrading Andbank’s portfolio management system with the Olympic Banking System (OLYMPIC Banking System PMS) was a meticulously planned and executed endeavor. Commencing in 2019, the project unfolded with Andbank assembling a dedicated internal team of specialists. Despite facing considerable operational constraints imposed by COVID regulations, the teams successfully navigated through an ambitious eight-month timetable for design, construction, and implementation. Key components, such as global order generation, rebalancing of strategies, and portfolio analysis, were seamlessly transitioned, while the reporting element underwent significant enhancements, including a new global Value at Risk (VAR) analysis, asset allocation capability, and corporate action processing across jurisdictions. Rigorous testing was conducted with the new system running alongside the existing one to ensure a smooth transition without disruptions for clients. The collaborative effort between Andbank and ERI culminated in the system going live in December 2021, delivering on time and within budget, and establishing a more consolidated and reliable IT foundation for the bank’s operations.

Benefits Achieved

• Cost Reduction: Elimination of interfaces led to cost reduction.
• Enhanced Functionality: Introduced new features like global Value at Risk (VAR) analysis, asset allocation, and improved corporate action processing.
• Improved Efficiency: Real-time interface ensured optimum operational efficiency.
• Faster Workflows: Enabled quicker portfolio rebalancing and order generation.
• Client Satisfaction: Increased web-accessed reports and positive feedback on order generation.
• Simplified IT Infrastructure: Eliminated interfaces for a more reliable IT foundation.
• Unified Compliance: Single provider for core banking and portfolio management streamlined regulatory compliance.
• Future Growth Confidence: Enhanced capabilities provided confidence for future business growth.
• Successful Collaboration: Longstanding collaboration built on dedication and trust facilitated on-time and on-budget delivery.

Conclusion

In conclusion, the successful implementation of the Olympic Banking System Portfolio Management System at Andbank stands as a testament to the strategic decision-making and efficient collaboration between Andbank and ERI. The upgraded system not only addressed the bank’s immediate needs, such as cost reduction and improved efficiency, but also positioned Andbank for future growth with enhanced functionalities and streamlined IT infrastructure. The project’s success, achieved within a tight timeframe and amidst operational constraints, underscores the importance of selecting the right technology partner. The long-standing relationship between Andbank and ERI, characterized by dedication and trust, played a pivotal role in delivering a robust and consolidated IT foundation, ensuring client satisfaction and regulatory compliance.

Key Facts

Bank Name: Andbank
Bank Founded In: 1977
Bank HQ: Andorra
Vendor Name: ERI Bancaire
Solution Implemented: Olympic Banking System
Timeline: Go-Live in December 2021