Forbes: Aegon Leaves Legacy Behind With Ohpen's Cloud Finserv Platform

Article by TOM GROENFELDT - USA - APRIL, 2017

Aegon Leaves Legacy Behind With Ohpen's Cloud Finserv Platform

Ohpen, a banking technology company based in Amsterdam, has announced that it will partner with Aegon to develop a new platform for Aegon’s Dutch services, from banking to investments. It will also support multiple labels including Aegon’s Knab (bank spelled backwards) an entirely digital bank.

Aegon, a global financial conglomerate whose American holdings include Pimco, will replace multiple individual systems for pensions, savings, current accounts and wealth management with a single Ohpen platform running in the cloud on Amazon Web Services (AWS). Aegon will plug into Ohpen’s platform through a flexible, 100% API-based interface.

An insurance company may have one or two banks, defined contribution pensions, defined benefit pensions, current accounts and savings — all of them running on different systems that do largely the same thing, said Ohpen CEO Chris Zadeh. Ohpen uses its core banking platform to deliver BPO services and SaaS solutions to financial services providers such as banks, insurance companies and asset managers.

“Now if a financial services company has an insurance company and a bank or two and an asset manager, they have a data center with a core banking system, core administrative system, CRM for each — some have eight or 10 different systems doing the same thing. It’s kind of weird.”

Multiple companies under one corporate umbrella do many of the same things and have their own infrastructure and staff. Ohpen lets them merge all those activities onto a single cloud-based back end and then put an API on top so any application or website can get to it.

“If you want to be ready for the future and save an enormous amount of code, you should have one administrative system for all these different brands,” said Zadeh. “Aegon and Knab and their pensions will use the same cloud-based administrative system, and that’s ours.”

Financial services companies that want to be prepared for the future need modern infrastructure; they can’t depend on multiple old legacy systems, he added. Fortunately, the expansion of companies like Salesforce and Workday have proved the value of cloud-based software.

“There’s a new generation moving up the ranks at financials. We see guys coming into the top management and say we aren’t going to use proprietary software in a data center when I use Office 365 and it work well.”