Mega Initiative of Bank of Ireland: Investing $588 Million to upgrade banking IT infrastructure

Recently, Bank of Ireland has declared their new plan of revamping their entire IT infrastructure in order to boost customer servicing and finance support or its clients. The revamping project has been named as Omega and the project will mainly focus on overall improvement of bank’s entire operating module. The initiative will include introducing new nomenclature of advanced data analytics and compliance solutions.

Richie Boucher, CEO, Bank of Ireland has declared that the Omega project will be handled by one of the leading banking solution providers with global reputation, Temenos. The prime aim of the project Omega is to ensure “best competitiveness   and long term sustainability” of the banking operation on “more scalable and modern platform”.

Richie’s declaration, on the other hand, has another deep-delved implication. Market analysts have speculated that this declaration is done to counter and reciprocate the recent FinTech trend midst global banks and finance houses. According to Business Insider report, the centralized finance infrastructure of the bank is facing hard competition from recently launched or technically upgraded finance startups, which includes facility of online banking, access to robo advisors, and blockchain-based p2p marketplaces.

Out of all these financial organizations, Blockchain, in particular, has become one of the sharp business rivals of Bank of Ireland. For example, The R3 Global Banking Consortium has already become a media luminary and several initiatives have been launched by financial giants to integrate Blockchain in their current systems. Furthermore a few banks have launched their individual Blockchain research facility in order to conduct in-house research and development.

According to the internal report of Temeno, the Bank of Ireland will be using UniversalSuite, Temeno’s globally acclaimed front-to-back solution. It has been calculated that UniversalSuite’s real-time analytics and integrated digital channels will be able to deliver completely personalized and interactive customer care experiences and it will generate new business velum for sure.

Following the path of the Bank of Ireland, the Bank of England has declared their plan to revamp the entire banking system and they have made their revamping plan 100% future proof by allowing strategic integration with Bitcoin and other Blockchain based solutions.

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