Private Bank Invests in Core System Upgrade to Support European Growth

A Luxembourg-based private bank has completed upgrades to its core banking system as part of broader technology investments aimed at improving client service and operational efficiency.

Mirabaud & Cie (Europe) SA directed resources toward modernizing its technological infrastructure following the establishment of its single booking center model. The investments address both immediate operational needs and longer-term capabilities in areas including artificial intelligence.

Émilie Serrurier-Hoël, chief executive officer of the European subsidiary, acknowledged the financial burden technology requirements place on smaller institutions. Regulatory compliance and system modernization require substantial investment regardless of asset base size.

“For small institutions like Mirabaud, the investment required to stay fully aligned with evolving regulations is significant and can weigh on profitability,” Serrurier-Hoël said.

Balancing Technology and Personal Service

The technology upgrades aim to enhance service delivery while preserving the personalized relationships the banking group emphasizes with clients. Relationship managers maintain direct client contact, now supported by improved technological capabilities.

The European platform employs approximately 120 people across Luxembourg, Paris, Madrid, Barcelona, Valencia, and London. Technology investments serve this distributed workforce while maintaining consistent client experience across locations.

Artificial intelligence applications represent a focus area for ongoing development. The bank explores opportunities to improve team efficiency and client service through these emerging technologies.

“Mirabaud has already invested heavily in upgrading its core banking system and will continue to invest in artificial intelligence,” Serrurier-Hoël noted. “These efforts open the door to meaningful improvements in client service and the efficiency of our teams.”

Regulatory Demands Drive Investment Priorities

Compliance requirements continue expanding across European markets, particularly regarding client onboarding, anti-money laundering, and cross-border reporting. Technology systems must accommodate these evolving demands while maintaining operational performance.

The Luxembourg hub serves as the booking center for the European platform, requiring robust systems to support regulatory reporting across multiple jurisdictions. Technology capabilities directly affect the institution’s ability to serve clients efficiently.

Serrurier-Hoël emphasized the importance of pragmatic solutions when addressing regulatory requirements. Smaller institutions must find cost-effective approaches to compliance without compromising service quality.

The technology transformation coincides with leadership changes across the European operation. Serrurier-Hoël assumed the chief executive role in June, taking responsibility for operational management and strategic development.

Her mandate includes ensuring the Luxembourg hub maintains long-term profitability following the substantial investments in technology and infrastructure. The institution balances modernization costs against other priorities including talent acquisition and market expansion.

The European subsidiary was established in 2014 and has operated under a centralized model since then. Technology investments support this structure by enabling coordination across multiple geographic locations while maintaining local market presence.