i-flex solutions, a leading provider of IT solutions for the global financial industry today announced that DAB Bank AG has decided to implement i-flex's Universal Banking Solution FLEXCUBE along with FLEXCUBE@ - its Internet Banking Solution.
DAB Bank AG is a 76.34% subsidiary of HVB Group, the second largest banking group in Germany. This implementation will mark a significant milestone for i-flex's forays in Germany.
DAB bank was established in 1994 under the name of Direkt Anlage Bank as the first direct broker in Germany and, in terms of customer assets, is the market leader in Germany. From the outset, DAB bank geared its operations to both private and corporate customers. DAB bank provides a comprehensive range of services revolving around the topics of capital formation and asset protection using securities.
With its products, DAB bank supplies solutions for savers, investors and traders alike. In corporate banking, DAB bank is the partner of Registered Investment Advisors (RIA), Independent Financial Advisors (IFA) as well as banks and savings banks. DAB bank operates in its core markets - Germany and Austria. As of March 31, 2004 DAB bank managed 461,441 securities accounts with 12.94 billion Euros assets under management.
The modern technology solutions from i-flex will replace the current legacy core banking systems and improve internal efficiencies by automating processes.
According to Mr. Matthias Sohler, Member of the Board and CIO of DAB bank AG, "We have chosen FLEXCUBE for its stable and solid banking technology. We believe it will adequately support our expansion plans while at the same time reducing our operating costs and improving the flexibility and range of services and offerings. It is the final step in our IT-offensive that we started in 2001."
According to V. Senthil Kumar, CEO, i-flex solutions bv, "We are happy that DAB Bank has chosen FLEXCUBE for its operations. The bank is renowned for being a leader in Information technology in the market and we are delighted to support it with FLEXCUBE. This win marks another milestone in consolidating our presence in the German market."
DAB Bank's decision to replace its core system with FLEXCUBE came after an exhaustive due diligence and evaluation exercise involving number of international vendors. The implementation of the localized FLEXCUBE release will start in early May and is scheduled to go live by the 1st quarter of 2005.
i-flex commenced operations in the German market in mid 2002 and has achieved major progress in a short span of time. The other major FLEXCUBE customers are Deka Bank and State Bank of India in Frankfurt.