Hungary's MKB Bank selects Oracle Flexcube for core transformation project
11 February 2016 | 3057 views | 0
Source: MKB Bank
MKB Bank, one of Hungary's leading banks is migrating its core banking system to Oracle FLEXCUBE to improve its go-to-market time for new products, reduce operational costs and drive growth.
MKB chose Oracle FLEXCUBE to achieve faster processing times in key areas such as loan origination, account opening and account processing, as well as due to the flexibility of responding to customers new product needs.
"The ability to align with customer needs and requirements seamlessly is the future of banking and a part of our core vision at MKB," said Mark Hetenyi, chief financial officer and chief operations officer for MKB Bank. "Oracle FLEXCUBE has the flexibility and process orientation allowing us to respond to customer needs in a dynamic and more efficient manner, while we reduce cost, time and effort through the entire process chain. Shortening processing times of traditional activities, such as the time it takes for a business to get a loan or a customer to open a new account, leaves us with precious resources to concentrate on value added activities and to develop sector specific product offerings."
MKB Bank is one of Hungary's largest banks, with a strong presence in the corporate and SME market. As part of its growth strategy, the bank is targeting further penetration in the SME and affluent private customer market through improved customer experience and service. To do this effectively MKB needed to either upgrade its current core banking platform or move to a new core banking system to ensure that it could reduce its go-to-market time without worrying about availability, security or scalability.
"The Oracle team worked closely with the bank to identify the best solution package that would enable us to reach new markets and new customers in the shortest time at an effective price, while they migrate the existing operations to Oracle FLEXCUBE," Hetenyi went on to say.
By deploying Oracle FLEXCUBE on Oracle Technology and Oracle Exadata Servers, the bank can deliver enhanced, personalized services to its customers, and to manage data from multiple sources at a more effective cost and also reduce the risk to its ongoing operations.
"Banks today are looking at technology as a key enabler in achieving competitive differentiation and streamlining operations," said Chet Kamat, Senior Vice President, Oracle Financial Services.
"Over the course of more than 600 core banking transformations we have developed the right methodologies, tools and skill sets to meet the transformational goals of all tiers of banks. Our proposition of best in class applications, technology and hardware backed by risk mitigated transformation services helps banks make aggressive moves in the market and deliver highest degree of customer satisfaction."