MKB Bank migrates to Flexcube core banking system
MKB Bank in Hungary is migrating its core banking system to Oracle Flexcube deployed on Oracle Exadata Servers with the hope of improving its time-to-market for new products, while reducing operational costs. The bank was looking for faster processing times in areas such as loan origination, account opening and account processing, as well as a more flexible way 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,” says Mark Hetenyi, CFO and COO at 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 focussed on the corporate and small-to-medium enterprise (SME) market. As part of its growth strategy, it 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 says.
Flexcube has replaced the Temenos T24 core banking system, which the bank had implemented a decade a ago.
Reported by Dan Barnes