Mashreq Bank replaces legacy core banking
New Oracle Flexcube banking solutions improving processing, internet banking for Mashreq
Mashreq Bank has deployed Oracle's Flexcube banking solutions to replace legacy solutions.
The bank has rolled out Oracle Flexcube Universal Banking and Direct Banking for Qatar, the UAE, Kuwait and Bahrain, as a replacement for 40 separate legacy systems that it said were limiting operations.
The bank now has a centralised scalable banking platform with a 360 degree view of all customer relationships. This has enabled the bank to tailor pricing of products and services based on the customer's relationship with the bank.
Mashreq also reported that its ATMs have improved response times, and internet banking performance has also improved, resulting in an increase in sign ups for the service, and a doubling in usage of some online services. The bank is now able to launch products in half the time it took previously, and processing times have been significantly decreased.
"As a fast growing bank, we required a platform that would enable us to accelerate time to market for new products, and improve the overall customer experience across all our markets," said Somnath Menon, EVP Operations and Technology, Mashreq Bank. "We evaluated a number of solutions and found that Oracle Flexcube stood above its competitors in meeting our requirements. Oracle Flexcube has helped us significantly improve our response time to customers, giving them a superior experience. Furthermore, the platform's scalability and flexibility provides us with room to meet our growth objectives."
"It is essential that financial institutions like Mashreq Bank are able to differentiate themselves by providing a personalised customer experience", said Chet Kamat, CEO & managing director Oracle Financial Services Software. "Integral to this is the ability to see all information on a customer to provide the most relevant and appropriate products, offers or services at every touch-point. Oracle Flexcube Universal Banking provides a complete 360 degree view of customers, enabling banks such as Mashreq to make informed business decisions, and putting the customer at heart of everything it does."