Exclusive: Rimini Street's approach to financial support, services

The Vice President (VP) of Financial Services Industry Solutions at Rimini Street, Johnathan Bangura, has shed light on the company's innovative approach to technology support in the financial sector, in an exclusive interview with TechDay.

With an impressive 25 years of banking experience under his belt, Bangura is tasked with developing a global strategy to support growth initiatives across the financial services landscape.

"I joined Rimini Street in April 2024, transitioning from a long career in banking," Bangura said, adding that the move was "surprisingly smooth" given his deep appreciation for technology and experience in financial management.

"At Rimini Street, I work to establish robust relationships with key stakeholders - understanding their needs to help them shape their strategies and ensure ongoing satisfaction."

"Rimini Street is a global leader in third-party support for critical technology systems," he explained.

"We provide end-to-end software support and services, managing, supporting, customising, configuring, and optimising enterprise applications, including databases and technology software. We serve approximately 5,500 corporate clients worldwide, including Fortune 500 and 100 companies."

Financial Services in Australia

Australia's vibrant economy and thriving financial services market make it a key focus for Rimini Street - with Bangura, often based in New York, currently visiting Melbourne.

"As VP of Financial Services, my role involves overseeing our activities in key markets like Australia," he explained.

"I'm here to meet with existing and prospective clients to understand their business landscape, challenges, and opportunities. Australia's innovative and mature financial institutions offer fertile ground for fostering creativity and driving technological advancement."

Importance of Financial Services Sector

Bangura admitted the financial services sector is "crucial" to Rimini Street for several reasons.

"Digital transformation is paramount," Bangura said. "Financial organisations are heavily investing in digital initiatives, and Rimini Street plays a vital role in supporting these transformations by driving operational efficiencies and expanding their digital footprint."

Bangura also highlighted cost savings as a significant advantage.

"Financial institutions often face substantial IT operating costs due to maintaining multiple ERP systems," he said. "Rimini Street helps dramatically cut these costs, freeing up resources that can be reallocated to strategic initiatives."

Investment in innovation is another key area. "Savings from support and maintenance can be redirected towards advanced technologies like AI, machine learning, and robotics."

"These investments enhance financial products and services, improve customer and market intelligence, and help organisations respond swiftly to market demands," Bangura added.

Services Tailored 

Rimini Street offers a range of specialised services for the financial sector. "Our expert support services provide mission-critical third-party support for Oracle, SAP, and other databases and technology software, ensuring operational efficiency with a 24/7, 365-day guarantee of a 10-minute response time for critical cases," he said.

Application management services are another significant cornerstone, according to Bangura.

"We deliver highly skilled engineers and extensive service requests from a comprehensive catalogue with industry-leading SLAs."

Security and protection services are also paramount. "We offer security managed services designed to guard against known and unknown threats and vulnerabilities, deploying updates swiftly without requiring code changes."

Additionally, Rimini Street provides consulting services for software implementation, integration, migration, staff augmentation, and other project needs.

Growth Areas and Market Trends

Bangura outlined several priority areas for growth within the financial services sector. "Digital transformation is a major focus, including cloud and data centre evolution and digitisation."

"We also emphasise strategic IT investments, encouraging CFOs and CIOs to prioritise investments with strong business value," he added.

"Organisations must prioritise customer experience in every investment decision. If a technology investment does not positively impact customers, it warrants scrutiny. Additionally, internal processes and operations should also benefit from any investment; if not, a deeper examination is necessary."

Bangura added: "Business leaders should frequently ask 'why', and question their decisions, as blindly following a vendor-dictated roadmap often leads to missed opportunities for innovation and transformation."

Third-party support remains a core offering, delivering cost savings and preventing forced upgrades. "This allows organisations to regain control of their IT budget and upgrade on their terms, while ensuring their investments are sound and in the best interest of their customers and employees," Bangura said.

Customer Success and Market Trends

Financial services organisations are increasingly technology-driven. "Digitisation is an ongoing process that can lead to significant success if utilised effectively," Bangura says. "Rimini Street has been recognised for exceptional customer service, earning top awards and indicating high levels of customer satisfaction and trust."

According to Bangura, cost savings "play a crucial role".

"Rimini Street offers substantial savings compared to traditional vendor support, which is particularly appealing in the current economic climate," he explained.

Challenges and Solutions

From a technology standpoint, Bangura admits financial services organisations face "several challenges".

"Data privacy and security risks are significant concerns, alongside the need to ensure customer comfort with digital banking and manage cost constraints and regulatory compliance," Bangura explained.

However, Rimini Street addresses these challenges through its comprehensive support services.

"High maintenance costs, time-consuming security patches, and the need for regular updates are common issues," he listed. "Rimini Street provides efficient solutions, allowing clients to continue using their systems without disruption."

What's on the Horizon?

Looking ahead, Bangura believes financial services organisations are prioritising several key tech investments.

"Cloud and edge computing, AI, next-gen software development, and cybersecurity are top priorities," he listed. "These investments offer scalability, flexibility, cost-effectiveness, and enhanced security, driving the future of financial services."

Bangura emphasised why financial services organisations should consider Rimini Street over its competitors.

"Our unified support for enterprise software creates efficiency, savings, and fosters innovation," he stressed. "We provide value-added services, including strategic partnerships and real-time updates for regulatory compliance."

Rimini Street's personalised experience, expert talent, and commitment to customer service set it apart from other third-party support providers, according to Bangura.

"Our focus on customer service and value continues to drive our leadership in the third-party support space," he said.