Challenger bank Hampden & Co outsources core banking provision to Oracle

Challenger bank Hampden & Co outsources core banking provision to Oracle

Hampden & Co, a new UK private bank scheduled to open in the first quarter of 2015, is to use a cloud-based version of Oracle Flexcube as it digital banking platform.

An early entrant to the rapidly expanding UK challenger banking market, Hampden & Co. selected Oracle Flexcube to manage its core banking, direct and mobile banking operations from a shortlist of three potential providers. The platform will be run from Oracle's UK data centre in Linlithgow, significantly lowering startup and ongoing operational costs for the bank as it builds its business.

Graeme Hartop, CEO, Hampden & Co, says: “Increasingly, private banks are focusing on wealth management rather than core banking, a gap in the market which we seek to address with the help of Oracle. We view delivery of outstanding client service as a priority, which in today’s world needs to be supported by the best technological core banking platform available.”

Edinburgh-based Hampden has already raised several million pounds from about 250 shareholders, and has set a target of 1000 wealthy clients by the end of its first year.

Comments: (2)

A Finextra member
A Finextra member 14 January, 2015, 17:09Be the first to give this comment the thumbs up 0 likes

Really..... DUE DILLIGENCE....

http://www.finextra.com/news/fullstory.aspx?newsitemid=23200

http://www.independent.ie/business/irish/aib-settles-action-over-problematic-it-systems-26795452.html

I did some consulting for another bank that had also replaced their own systems with an adapted "Treasury system" from ????...years later they were still talking about how they were 24 hours away from having to cease bank services because of the near fiasco...allegedly. They DID lose some of the CORE functionality they had with their original system....allegedly, Thank god for Excel spreadsheets ;). 

 

A Finextra member
A Finextra member 14 January, 2015, 17:31Be the first to give this comment the thumbs up 0 likes

I wonder who the other two potential providers on the short list were ?

Some interesting possibilities out there these days using decent technologies such as  https://fidortecs.com/fidorOS/fidoros   instead of the old reliable plodding technology companies.

disclaimer: I have not business(or otherwise) connection with Fidor bank or Fidortecs.

 

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