French private bank Milleis completes core banking tech revamp with ERI
Milleis Banque Privée, a France-based financial institution specialising in private banking, has completed the roll-out of its new core banking system, Olympic, supplied by ERI Bancaire.
The large-scale project started five years ago, in early 2018, as exclusively reported by FinTech Futures. The bank, which stems from Barclays’ wealth management business in France (sold by Barclays to AnaCap Financial Partners and subsequently rebranded as Milleis), selected Olympic ahead of the offerings of ERI’s rivals Temenos and Avaloq.
ERI says its flagship core banking system covers 70% of functionality at Milleis, acting as “the backbone” of an ecosystem that integrates additional specialised services, such as customer satisfaction, debt recovery and litigation.
The system is interfaced to other third-party applications for know your customer (KYC), anti-money laundering (AML), authentication, risk management and regulatory reporting (provided by Wolters Kluwer).
According to ERI, there has been a fourfold reduction in the number of applications in use and requiring maintenance as a result of this consolidation.
“The client onboarding process is now automated and the corresponding required documents are authenticated and digitised. CRM data management is simplified with a consolidated, real-time, 360-degree view of all client assets, and investment proposals based on the KYC questionnaire are now fully integrated,” the vendor states.
“It is a real revolution for the business. Over a hundred people have worked tirelessly to make this project a success,” comments Julien Calvar, the bank’s chief operating officer (COO).
“Data is exchanged and client feedback is received in real time, giving every member of staff a single, unified view of the bank’s operations. This technology foundation is the catalyst that will drive growth for future developments under the Milleis name, particularly for our external growth strategy.”
Jean-Philippe Bersier, director of sales and marketing at ERI, says the bank’s technology environment has been “rejuvenated” and describes the implementation as “a resounding success”.
Milleis offers wealth management and private banking services to clients with assets worth over €100,000 and employs 170 private bankers.