Project OMEGA, as the new undertaking is titled, will mainly focus on improving the bank’s operating model, as well as on introducing advanced data analytics and compliance solutions.
Richie Boucher, the Chief Executive of the Bank of Ireland, stated that they will focus on creating a “more scalable and modern platform” to ensure “long-term sustainability and competitiveness.” Boucher further confirmed that Project OMEGA will be handled by Temenos, the world’s leading banking solutions provider.
The announcement, on the other hand, is speculated to have appeared in response to an ongoing FinTech trend among global banks and finance houses. According to a Business Insider report, the centralised finance infrastructure is constantly facing threats from technically advanced finance startups. They include online banks, blockchain-based p2p marketplaces, and robo advisors.
http://www.newsbtc.com/2016/10/06/bank-of-ireland-upgrades-banking-systems/
