Oracle today announced that Bank Technique OJSC (previously named Technika Bank OJSC), has selected Oracle Flexcube to replace a Temenos T24 core banking platform implementation.
Operating across Azerbaijan, Bank Technique has selected Oracle FLEXCUBE Universal Banking to help ensure a stable core banking solution is in place, allowing it to focus on its core objective of growth.
Bank Technique has also chosen Oracle FLEXCUBE Direct Banking to provide its 150,000 Corporate and Retail customers the first opportunity in Azerbaijani banking for mobile access to every product, as well as a 360 degree view across all banking channels for a better customer experience.
In addition to signing up for a new, robust, scalable and centralised core banking solution, Bank Technique has selected Oracle Financial Services Data Foundation to consolidate data scattered across multiple disparate systems.
To better manage their data and measure risk, Bank Technique is adopting Oracle Financial Services Analytical Applications Infrastructure to enable insights to be quickly turned into products that will meet the changing demands of a growing multi-channel banking market.
With a view to increasing market share through innovative new offerings and faster response times, Bank Technique signed the initial contract with Oracle in July 2012.
The first phase of the Oracle FLEXCUBE implementation is underway, and is due to be followed by the planned roll-out of Oracle Financial Services Data Foundation and Analytical Applications.
The implementation is being managed by Oracle PartnerNetwork (OPN) Specialized Platinum level member EGAR Technology.
Ulvi Mansurov, CEO and Chairman of the Board, Bank Technique said: "From my previous experience, there was no question that Oracle was the right company to provide Bank Technique with a stable, streamlined core banking solution that would require minimal manual intervention. When I started at Bank Technique data was scattered across different systems and was of little use to the bank for making quick decisions, offering innovative new products, or for providing our corporate and retail customers with an excellent service when and where they needed it. With the Oracle FLEXCUBE core banking platform, Oracle Data Foundation and Oracle Analytical Applications, I am excited and confident that Bank Technique will grow its market share in a way that would have been impossible with the previous technology infrastructure in place."
Chet Kamat, Managing Director and CEO, Oracle Financial Services Software said: "Oracle has over the years established a strong track record in delivering successful outcomes for banks looking to take a quantum leap in their business by leveraging technology. We are very proud to have been brought into Bank Technique to help it overcome its challenges and fulfil the vision of its management team. This builds on our existing strong presence in Azerbaijan. Oracle was able to meet both the core banking and analytical applications requirements of Bank Technique, which needed to implement a streamlined, stable and centralised core banking platform in order to grow through multi-channel banking, including mobile and internet banking. We are looking forward to helping Bank Technique throughout the implementation of a number of Oracle solutions, and contributing towards its growth."