Zurich core systems replacement nears completion

Three of Zurich Banking’s major business groups are in the process of replacing their core legacy banking systems with a modular software system.

Three of Zurich Banking’s major business groups are in the process of replacing their core legacy banking systems with a modular software system. 

The bank said it hopes to reduce its costs considerably by improving the efficiency of its processes, cutting duplication and using straight-through-processing. 

Zurich will complete the migration this September, said Patrick Lindley, head of operations at Zurich Banking. It began the project in February 2005. 

The company is adopting Infosys Technologies’ Finacle across three banking brands - Zurich Bank, Dunbar Bank and Zurich Bank International, in the UK, Ireland and the Isle of Man. 

The modular system includes core banking, wealth management, and consumer and corporate e-banking elements, as well as mobile banking, alerts and web-based management. It also offers the ability to define and track service level agreements. 

Lindley said that the main issue for Zurich will be to ensure that Finacle's specification “will meet our current and future business, accounting and regulatory needs”. 

He added, “Having a more flexible system that can better integrate with our accounting systems will allow us to develop our client propositions and maximise our efficiency.”

Parent company Zurich Financial Services Group (ZFS) outsources the majority of its IT systems to CSC, IBM and Equant. 

However, in July 2004, Michael Paravicini, chief information officer at Zurich, said the company would retain control of its business-critical IT systems. 

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