Cognizant works with KeyBank on Oracle Banking Platform project
Cognizant has assisted KeyBank in implementing Oracle Banking Platform (OBP) from Oracle FSS as part of the bank’s tech revamp.
Cognizant says it redesigned KeyBank’s core systems, applications, business processes and customer interfaces to “simplify transactions”.
Vipin Gupta, EVP and CIO of Key Community Bank (KeyCorp’s division that includes retail, business and commercial middle market banking, and wealth management/private banking), says the new platform is “more than a makeover” as it “revamped, re-designed and re-engineered underlying digital channel architecture, infrastructure and processes”.
OBP acts as an “orchestration layer” at KeyBank – it sits between the core systems and the digital channels of the bank, delivering all the piping and all the business logic in one place.
At the back-end, the bank uses legacy core processing systems: FIS’s Systematics and CSC Hogan.
Earlier this summer, KeyCorp completed the acquisition of its rival First Niagara to create the country’s 13th largest bank, with $135 billion in assets.
First Niagara was also a long-standing customer of FIS, but using a different core banking system – Miser.
Similar to KeyBank, First Niagara has been revamping its front-end solutions. The key focus of the digital transformation – including the bank’s “Mobile First” strategy – is on customer experience and product harmonisation.
For this, the bank selected the Bancs omnichannel platform from Indian heavyweight TCS Financial Solutions. The project kicked off in 2014.
It is worth noting that originally, First Niagara was also going to implement the Bancs core system to replace Miser, but this project did not go ahead.