January 31, 2012
Oracle today announced that the leading pan-African bank, Ecobank Transnational Inc. (“Ecobank”) has implemented Oracle FLEXCUBE Universal Banking and Oracle FLEXCUBE Direct Banking solutions, as well as Oracle Financial Services Risk Analytics, to standardize its processing platform across its affiliates in 30 sub-Saharan African countries.
Enabling Ecobank to service more than 7 million customers via more than 1,100 bank branches represents Oracle FLEXCUBE’s largest multi-country implementation in Africa to date.
Since 2006, as part of its business strategy, Ecobank has developed an unrivalled footprint in Africa. Due to several acquisitions, there was a clear business need to standardize operations across the region with a banking platform that was highly scalable, easy to configure and capable of multi-currency and multi-lingual banking applications.
Oracle FLEXCUBE has a strong track record of successful multi-country standardization projects, including the ability to centralize operations, which made it a compelling choice for Ecobank.
The first phase of the project involved the migration of Ecobank’s affiliates in Nigeria, Ghana, Benin and Togo to Oracle FLEXCUBE. Oracle worked with Ecobank to standardize the business and change management processes and the corresponding roll-out methodology. Oracle also created a central help desk function to facilitate a smooth migration.
By November 2011, Ecobank had successfully rolled out Oracle FLEXCUBE across an additional 26 countries, replacing older banking applications and legacy systems.
The implementation process also had addressed the regulatory requirements of each country. The Oracle FLEXCUBE suite of analytical applications has allowed Ecobank to ensure multi-jurisdictional compliance with Central Bank requirements, including the PCB requirements of the UEMOA and CEMAC regions.
Ecobank has now centralised its IT operations in Ghana, improving operational efficiency and reducing costs. By deploying Oracle FLEXCUBE across 30 countries, Ecobank has streamlined the customer experience across its network, improved customer service with new offerings, including self-service, and facilitated cross-border transactions for its retail and wholesale banking customers.
Oracle FLEXCUBE Direct Banking enables Ecobank’s customers to conduct transactions and access information online. Through the use of multiple channels, Ecobank is also gaining greater customer insights.
Oracle will demonstrate its leadership and vision for the financial services and insurance industries at the 3rd Annual Oracle Financial Services & Insurance Forum, on February 7, 2012 in New York City. Mark Hurd, Oracle President, will discuss Oracle's strategy for industries.
Arnold Ekpe, CEO, Ecobank Transnational Incorporated said: “Ecobank is committed to service excellence and efficiency through the use of best-in-class technology. By deploying Oracle FLEXCUBE, we have aligned our network to provide superior service and a consistent experience for our customers across the African Continent."
CEO and Managing Director, Oracle Financial Services Software, Chet Kamat, said: “It’s been a great journey with significant rewards for both Ecobank and Oracle. We pride ourselves on being able to support Ecobank’s vision to be the bank for Africa.”
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