How Mirabaud Navigated Core Banking Transformation While Maintaining Client Service

Swiss wealth manager’s technology overhaul offers lessons for mid-sized institutions balancing modernization with operational continuity

Mirabaud completed a comprehensive core banking system transformation that industry observers view as a test case for mid-sized wealth managers pursuing digital modernization without disrupting client relationships. The Geneva-based firm navigated challenges common to institutions caught between legacy infrastructure limitations and competitive pressure to deliver contemporary digital experiences.

The technology upgrade addressed aging systems unable to support evolving client expectations, regulatory requirements and operational efficiency goals. Like many established banks, Mirabaud faced the classic modernization dilemma: maintain outdated but functional systems or accept transformation risks including implementation delays, cost overruns and potential service disruptions.

Mirabaud’s successful implementation of new core banking infrastructure demonstrates that careful planning and phased rollouts can mitigate risks inherent in replacing foundational systems. The project required coordinating technology teams, business units and external vendors while maintaining uninterrupted service for approximately 700 employees and thousands of clients globally.

Core banking systems function as the operational backbone supporting account management, transaction processing, portfolio administration and reporting. Replacing these systems resembles open-heart surgery on running institutions—technically feasible but requiring meticulous preparation and execution to avoid catastrophic failure.

Mid-sized banks face particular challenges compared to larger rivals with substantial technology budgets or smaller competitors operating newer systems. Institutions like Mirabaud must invest sufficiently to remain competitive without dedicating disproportionate resources that undermine profitability or strategic initiatives.

The transformation enabled improvements in straight-through processing, data management and client reporting capabilities. Automation reduces manual intervention, accelerates transaction settlement and minimizes operational errors—benefits that accumulate into material efficiency gains across thousands of daily processes.

Enhanced data management supports better client service through comprehensive views of relationships, improved analytics and more sophisticated reporting. Relationship managers accessing complete client information can identify opportunities, address concerns and deliver personalized recommendations more effectively than when working with fragmented data systems.

Regulatory reporting requirements have expanded dramatically following the 2008 financial crisis. Modern core banking systems incorporate compliance capabilities that automatically generate required reports, monitor suspicious transactions and maintain audit trails—reducing manual effort while improving accuracy and timeliness.

Technology investment represents both cost pressure and competitive necessity for wealth managers. Mirabaud has invested heavily in upgrading infrastructure to support long-term growth while maintaining profitability in an industry facing persistent margin compression.

The implementation required change management across the organization as employees learned new workflows, interfaces and processes. Successful transformations depend on user adoption—systems delivering superior capabilities fail if staff resist learning new methods or revert to manual workarounds.

Client communication during technology transitions proves essential for maintaining trust and managing expectations. Banks must balance transparency about changes with reassurance about continuity—acknowledging improvements while minimizing client concern about potential disruptions.

Mirabaud’s phased approach reduced risk by implementing modules sequentially rather than attempting wholesale replacement in single deployments. This methodology allows identifying and addressing issues in controlled environments before they affect broader operations or client-facing services.

Vendor selection represents a critical decision point in core banking transformations. Institutions must evaluate not just current functionality but also vendor financial stability, upgrade roadmaps and integration capabilities with other systems supporting wealth management operations.

Many mid-sized banks choose proven vendors serving similar institutions rather than pioneering new technologies or working with unproven suppliers. This conservative approach prioritizes implementation risk reduction over potentially superior but untested alternatives.

The technology foundation supports artificial intelligence initiatives that Mirabaud intends to pursue for improving client service and team efficiency. Modern core systems provide data accessibility and processing capabilities necessary for deploying machine learning models and automation tools.

AI applications in wealth management range from portfolio optimization and risk analysis to client communication and compliance monitoring. Effective deployment requires clean data, robust infrastructure and clear use cases where automation delivers measurable value without compromising judgment-dependent advisory relationships.

Technology also enables Mirabaud to operate across 10 countries with centralized systems supporting local operations. Cloud-based architectures and modern platforms facilitate global coordination while accommodating regional requirements and local customization.

The transformation positions Mirabaud to compete with digital-native wealth managers and established rivals pursuing similar modernization. However, technology alone provides limited differentiation—successful banks combine modern systems with superior service, investment expertise and relationship quality.

Implementation costs included software licenses, consulting fees, internal resources and opportunity costs from diverted management attention. These investments typically require multi-year payback periods before efficiency gains and revenue enablement offset expenses.

Émilie Serrurier-Hoël, CEO of Mirabaud’s European operations, identified technology as representing both risk and opportunity for small institutions. “Mirabaud has already invested heavily in upgrading its core banking system and will continue to invest in artificial intelligence,” she noted.

The challenge for institutions like Mirabaud involves balancing technology investment against other priorities including talent acquisition, market expansion and product development. Limited resources require disciplined allocation toward initiatives delivering clearest strategic value and competitive advantage.

Regulatory expectations for operational resilience and cyber security have elevated technology governance from operational concern to board-level oversight. Directors increasingly engage with technology strategy, vendor management and implementation risk rather than delegating entirely to management teams.

Whether Mirabaud’s technology transformation generates anticipated benefits depends on execution across multiple dimensions: user adoption, process optimization, client satisfaction and measurable efficiency improvements. Success requires sustained focus beyond initial implementation through continuous enhancement and capability development.

For the broader wealth management industry, Mirabaud’s experience reinforces that technology modernization remains achievable for mid-sized institutions willing to commit resources and navigate implementation complexity. The alternative—maintaining outdated systems—poses greater long-term risk as competitive pressure intensifies and client expectations continue evolving.