Next Generation Universal Banking System Provides Technology Platform for Growth, Innovation and Customer Centricity
IDLC Finance Limited, the largest multi-product Non-Bank Financial Institution (NBFI) in Bangladesh has successfully implemented Oracle’s globally renowned banking solution Oracle FLEXCUBE Universal Banking to transform and modernize its operations.
Prior to deploying Oracle, IDLC was relying on customized legacy software which was not able to support its need for business process standardization. Due to lack of proper risk evaluation and control tools, the Institution was not able to make informed business decisions.
Oracle FLEXCUBE’s flexible process configuration capabilities allow IDLC to configure business processes to suit the business’s needs. Its flexible open standards based architecture, coupled with extensive functionality, lend agility to the bank’s operations and enable the Institution to manage risks, standardize operations, consolidate books, and offer a complete new range of products in challenging market conditions.
The new system is running on Oracle Database 11g Release 2, a robust, flexible and scalable database platform, which supports IDLC’s plans for rapid growth in business and customer base, while improving its operations and risk management capabilities.
The company has also deployed Oracle Real Applications Cluster part of Oracle Database Options enabling the Institution to run a single database across a cluster of servers.
On the middleware layer, Oracle Fusion Middleware products like Oracle SOA Suite enable IDLC to seamlessly integrate all its business applications. The system will also assist IDLC to reduce the time taken to introduce new schemes or products and reduce cost of manual integration within various business functions.
This project was initiated in March 2011 by data edge limited, a Gold level partner of Oracle PartnerNetwork and the deployment of the entire suite of solutions was completed in January 2012.
“Deploying Oracle FLEXCUBE was a key part of our ambitious long-term strategy, as it provides us the technology platform we need to support our plans for business growth, product diversification and improved work processes” said Selim R.F. Hussain, CEO & Managing Director, IDLC Finance Limited. “We are very confident that as a leading enterprise class application, Oracle FLEXCUBE will enable us to both, delight our customers with superior service experience and help IDLC grow faster with improved efficiencies.”
“Global financial institutions rely on Oracle to accelerate the time to market of new products and deliver exceptional service, while keeping total cost of ownership to a minimum,” said Chet Kamat, CEO and Managing Director, Oracle Financial Services Software Limited. “The successful implementation of Oracle FLEXCUBE at IDLC Limited substantiates our value proposition for the financial services industry making it an example for other institutions within the Bangladeshi market to emulate.”