Oracle Financial Services Software, a majority owned subsidiary of Oracle, today announced that Bank of London and The Middle East plc (BLME), the largest Islamic bank in the UK, has successfully implemented Oracle Flexcube Private Banking in less than four months.
Oracle FLEXCUBE Private Banking will enable the bank to offer Sharia'a compliant products and services as part of its wealth management offerings. The solution is integrated with the bank's existing Islamic banking back office application for customer and account information, along with services capability to interchange orders and transactions.
Oracle FLEXCUBE Private Banking's underlying technical architecture and use of open standards helps give the application the versatility to address the requirements of both conventional and Islamic banking.
Bank of London and The Middle East plc is using the solution to get a 360-degree view of their customer's wealth. This enables customer profiling, overall lifecycle management and will help the bank to deliver self-directed and advisor-driven solutions to its customers.
Oracle FLEXCUBE Private Banking is allowing the bank to provide holistic wealth management and to tailor and personalize wealth management services to the specific risk profiles of its customers.
Oracle FLEXCUBE Private Banking's flexible architecture will help enable the bank to respond swiftly and nimbly to changing market conditions. The solution's agile, J2EE architecture provides robust security, high performance, availability, scalability and easy extension for bank-specific customizations.
"We are using Oracle FLEXCUBE Private Banking because it enables us to provide innovative products and services to our customers in a cost effective manner," said William Purdy, Head of Information Technology, Bank of London and The Middle East.
"Banks today need to deploy solutions that enable them to compete in a diverse environment and serve a wide range of customer needs. We are delighted to provide The Bank of London and The Middle East with the Oracle FLEXCUBE Private Banking solution and are confident that it will help support the bank's efforts to enhance its offerings for its rapidly expanding customer base," said Kishore Kapoor, Head of Sales and CEO Oracle Financial Services Software b.v.