NMB Bank accelerates digital transformation with Oracle
NMB Bank transformed its corporate and retail banking experience and increased competitiveness with Oracle FLEXCUBE and Oracle Banking Digital Experience.
“With Oracle Banking Digital Experience, we are on the fast track to achieving our digital transformation goals, bringing new flexibility, convenience, and efficiency to our customers and powering future innovation.”
Business challenges
NMB Bank, headquartered in Dar es Salaam, Tanzania, is one of the country’s largest financial institutions, providing more than 3 million customers with a wide range of banking services through a network of 224 branches, more than 6,000 NMB Wakala Agents, and 800-plus ATMs.
Beginning in 2015, the bank envisioned a digital transformation that would enable it to offer expanded internet and mobile banking to customers. NMB Bank understood that customers needed the flexibility of digital offerings to make internal transfers and payments across borders. To do that, the bank required a modern digital banking solution that is flexible, accessible, intuitive, and efficient.
With the help of the committed Oracle team, our implementation was successful. With Oracle Banking Digital Experience, we have improved support turnaround time for our internet banking customers and expect to further improve on self-service through the use of features like corporate admin.
Why NMB Bank Chose Oracle
NMB Bank’s relationship with Oracle dates back to 2010 when it implemented Oracle FLEXCUBE as its core banking system and Oracle FLEXCUBE Direct Banking as its internet banking platform. In seeking an advanced digital banking solution, NMB considered multiple options. Oracle offered a superior combination of value, functionality, and global banking expertise.
Results
Since beginning its Oracle Banking Digital Experience implementation in October 2019, NMB Bank has migrated its corporate customers to the new platform. It is now finalizing host-to-host integration capabilities that will enable corporations to link their enterprise resource planning systems directly to their NMB accounts for improved transparency, reconciliation, and cash management.
NMB Bank can now offer customers a more cohesive and intuitive platform. It provides quick visibility into multiple accounts, which is a benefit to companies and individuals with multiple accounts.
The bank is in a stronger position to compete with large international banks and fintechs for corporate customers. For example, non-governmental organizations (NGO) can leverage the platform for payments to mobile wallets instead of using third-party mobile payment solutions. This capability reduces complexity and expands NMB’s relationship with its corporate clients.
The solution also helps companies improve foreign exchange functions, with the ability to negotiate rates and attach all regulatory documentation without leaving the platform—improving efficiency, transparency, and compliance.
The bank is piloting Oracle Banking Digital Experience with retail customers—with plans to roll out the platform to that segment in the near future.
NMB benefits from the fact that Oracle Banking Digital Experience includes mobile capabilities as part of the core solution, without additional cost. The mobile application also includes a soft token for additional security, versus a costly physical token that the bank previously provided. The new application is more convenient and secure for customers and cost- effective for NMB.
Further, the bank can now offer advanced digital banking services using the platform and improved operational efficiency. In addition, NMB is leveraging Oracle’s global experience to keep abreast of new financial services technology innovations, like peer-to-peer payment solutions.