Oracle Financial Services Software and Ping An Bank have announced that globally successful core banking solution, Oracle Flexcube, has been implemented at Ping An Bank in China.
The system supports the bank's rapid growth in business and customer base and meets and improves customer service, operations and risk management. The implementation was completed in a record timeframe of 18 months.
Ping An Bank, a joint stock commercial bank, is a strategic part of China's Ping An Group and a critical component of the group's integrated financial services offering. The bank is headquartered in Shenzhen, China with branches and outlets in 10 major cities in China. The bank aims to be a leading player in the Chinese financial services industry by providing differentiated products and services with world-class management capability.
The bank embarked on a six-month product selection process including Chinese and global core banking systems. The bank selected Oracle FLEXCUBE in March 2010 after a multi-step evaluation.
Ping An Technology, the subsidiary of Ping An Group, is the general system integrator of this project. The implementation required only 18 months to complete from system selection to production, including the localization of the international core banking system for Chinese banking requirements -- hailed as a milestone in the Chinese financial service industry. This success illustrates Ping An Technology's exemplary planning and implementation skills and profound understanding of the banking business.
Oracle FLEXCUBE, integrated with Ping An Group's IT platform, has enabled the group-wide platform to meet the objectives of increased cross-selling to customers and expansion of business.
Oracle FLEXCUBE enables bank users to update and amend product offerings quickly, helping the bank to offer new and innovative products to the market ahead of the competition. In the past, development of new products had to be scheduled through IT processes, which took months or up to a year to complete. With Oracle FLEXCUBE, product development has been reduced to only a few weeks.
lXie Yonglin, Vice President, Ping An Bank, said: "Business transformation led by technology and process is essential for financial institutions to improve service levels, operational performance, management capability and competitive advantage. The successful operation of the new core system was not only proof of our strategy for the project implementation, but also showcased our excellent spirit of team work. Ping An's corporate culture has been well displayed and greatly enforced in the project."
Frank Brienzi, Senior Vice President and General Manager, Oracle Financial Services, said: "The successful implementation of Oracle FLEXCUBE at Ping An Bank substantiates our value proposition for the Chinese financial services industry. Delivering such a complex and critical business transformation would not be possible without proper investments in our local service and product development. We are very pleased with the outcome at Ping An Bank."