Alan Goodrich (ERI): Forward Thinking Financial Services
Alan Goodrich re-joined ERI 5 years ago and discovered that the OLYMPIC Banking System, Luxembourg market's #1 core banking system, had truly transformed into a digital-first platform for any type or size of financial services provider. Interview.
Can you present your company in a few words?
ERI is the developer and supplier of the OLYMPIC Banking System – a fully-integrated, front-to-back, parameter-driven digital platform supporting a wide variety of financial service providers to streamline their core business activities. The solution provides a complete set of decision-making, transaction processing and control tools to support domestic and international financial services. It comprises a functionally-rich, client-centric, integrated system with a wide range of front-, middle- and back-office activities across the entire lifecycle. These include; CRM, on-boarding, regulatory compliance, portfolio and order management, advisory and post-trade functions – all made available through APIs to external digital delivery channels. Our close cooperation with clients and partners ensures that the OLYMPIC Banking System offering is always aligned to the current and future needs of our target markets. Our clients trust us to empower them with the flexible tools that enable them to problem-solve and stay ahead of the curve in anticipating their customers’ needs.
"Over 30 years of experience and 100% successfully implemented projects have earned us the trust of our clients and the market."
What role does innovation play in your activities?
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, and allows us to:
Increase productivity while managing costs
Meet the ever-increasing demands of regulators
Offer new products and services that improve customer satisfaction levels and generate additional revenue streams.
ERI has innovation embedded into the core of its activities. It will continue to deliver innovation that enables its clients to remain relevant and thrive in an environment of rapid digital and business transformation. For example, our recently created SaaS deployment model will help banks increase operational efficiency and workforce productivity. The numbers speak for themselves. Over 30 years of experience and 100% successfully implemented projects have earned us the trust of our clients and the market.
What are the main challenges your company is facing?
Our challenges are our clients’ challenges. For example, the demand for access to new investment products such as private equity and real estate, digital or tokenised assets and cryptocurrencies is growing fast. In addition, these instruments now need to meet the ESG expectations of investors. Likewise, new levels of digitally-enabled services are also expected, including the streamlining and automation of client on-boarding processes, along with seamless delivery of commoditised, BNPL-style, lending products. Finally, there are also the technical requirements for adapting to evolving models of inter-operability, for example based on the new ISO-20022 and open-banking standards using APIs, as well as a move away from on-premise to hosted or cloud-based deployments. ERI is continuing to invest in R&D to enable OLYMPIC Banking System to meet the demands of the market and facilitate profitable growth by turning challenges into opportunities for our clients.
How do you see your company evolving in the next 5 years?
The past two years have demonstrated that agility and flexibility will remain a key advantage when it comes to adapting to market evolution and changing customer behaviour or demographics. The needs of the market, in terms of technology, will continue the trend towards ultra-convenience through digitally-delivered, highly-personalised products and services. On the securities custody and investment services side, block-chain and tokenisation are rapidly becoming mainstream. We can look forward to an extended, hybrid period requiring the flexibility and agility to operate efficiently across both the conventional and DLT value chains. One of ERI’s greatest strengths, in addition to its ability to adapt and innovate, has also been its stability. We are targeting similar levels of growth as we have achieved to date by continuing to invest in the evolution of the OLYMPIC Banking System, and by developing new markets.