The cooperative bank is earmarking several million Swiss francs for a new information technology framework. What is Raiffeisen up to?
The replacement of Raiffeisen member banks' elderly Dialba banking system ranks among the largest current IT projects in Switzerland: together with Avaloq, the cooperate bank is building a subsidiary, Arizon, which is to offer IT and business process outsourcing for Raiffeisen's banks.
The project to introduce a core banking system, dubbed Rainbow, has been budgeted at 500 million francs.
«The introduction of Rainbow has absolute priority,» Raiffeisen chairman Johannes Rueegg-Stuerm told Swiss daily «Le Temps» in an interview.
The new system will be rolled out beginning next year in several phases, serving as the foundation for future development. Raiffeisen hopes to lower spending and improve client service through the system. Rueegg-Stuerm says he is not a fan of cutting costs by shedding jobs.
