International Bank of Azerbaijan Goes Live on Oracle FLEXCUBE Universal Banking

14 July 2009

The International Bank of Azerbaijan, one of the largest banks in the region, has gone live with Oracle FLEXCUBE Universal Banking System as its core banking platform. As a leading financial institution in Azerbaijan, the International Bank of Azerbaijan represents an important element in the development of the national banking industry, the national economy as well as the integration of Azerbaijan into the world economy.

The Bank of Azerbaijan replaced its former banking system, called MIDAS, with Oracle FLEXCUBE because it offered a functionally rich, comprehensive and integrated solution for universal banking. The Bank of Azerbaijan is using Oracle FLEXCUBE to help achieve a single view of its customers across all the products and services utilized within the institution.

Oracle FLEXCUBE is enabling the bank to become more agile in all its processes and respond more effectively to rapidly changing market conditions and is also providing the bank with a global technology platform to better meet the needs of its customer and improve overall operational efficiency.

“Being a large bank in Azerbaijan, our interest is in the welfare of the general public and our esteemed shareholders. In order to serve them in the best possible way, a high-end solution is the answer and for this reason we are using Oracle FLEXCUBE to serve our customers and also obtain a competitive edge. About 700,000 of our customers have already benefited from improved customer service and we are confident this association will continue to be an enduring and beneficial one,“ says Emil Mustafayev, First Deputy Chairman of International Bank of Azerbaijan.

“We are pleased that the International Bank of Azerbaijan is using Oracle FLEXCUBE, and are particularly proud that it is the second leading bank in Azerbaijan to have successfully deployed the solution. We are confident that Oracle FLEXCUBE will continue to provide the bank with a sound and technologically advanced platform that will help it to improve customer satisfaction," S. Sundararajan, Senior Vice President, Customer Fulfillment, Banking Products, Oracle Financial Services Software.

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