Zurich Financial Services is replacing legacy banking systems to enable business growth and to standardise processes across its brands.
The company will introduce a banking platform based on a service-oriented architecture (SOA) that will include integrated customer relationship management, workflow and straight-through processing.
Head of operations Patrick Lindley says replacing the legacy systems will enable new customer offerings and reduce operational costs.
‘The legacy system was becoming cumbersome in terms of retrieving data and interfacing with other systems,’ he said.
‘We were like a pot plant growing in too small a pot and our business growth would have been severely constrained.’
The core banking system holds client records and accounts, and drives the payment files through which the banking group interfaces with Zurich Financial Services’ wider systems.
Replacing ageing systems will enable business growth through improved processes between the company’s systems, says Lindley.
‘We will be able to offer customers a fuller suite of products because the more advanced the system the more functionality it has,’ he said.
Cost savings will arise from more automated processes improving the interface between systems, regulatory reporting and the maintenance of accurate ledgers, says Lindley.
‘Manual processes are prone to error and more time-consuming. More automated processes will give us more time for growing the business,’ said Lindley.
Finacle, the banking platform provided by Infosys, will be installed at sites in the UK, Ireland and Isle of Man.
The implementation is expected to go live in September, and will standardise processes at three banking brands, Zurich Bank, Dunbar Bank and Zurich Bank International.
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