Bankmed transforms its core banking technology with Oracle
Bankmed, headquartered in Lebanon, turns to Oracle FLEXCUBE Universal Banking to better service its clients now and into the future.
“Our new core system (Oracle FLEXCUBE) and online banking underpin our continuous effort to provide clients with optimal solutions that facilitate their transactions and improve their day-to-day banking experience. They also echo our aim to align our business strategy with the evolving needs of the market.”
Business challenges
The Lebanese bank, established in 1944, is owned by the holding company GroupMed. It is one of Lebanon’s top five banks by both assets and deposits, and has 44 branches in Lebanon, one in Cyprus, and one in Geneva. The bank wanted to update its core banking functions as well as internet and mobile banking, wealth management, and customer relationship management. However, this would require a lot of time, so the bank decided on a midflight upgrade to the latest solutions.
With its wide range of optimized options, the new system (FLEXCUBE) will allow us to take our services to the next level. We have introduced within it a broad spectrum of innovative solutions to better serve our clients and enhance their banking experience.
Why Bankmed Chose Oracle
Bankmed selected banking products from Oracle to take advantage of the benefits of working with a single vendor for applications and hardware upgrades. Bankmed believes in maintaining long-term relationships with technology companies that invest substantial effort in building new application features to give customers an edge over competitors in the marketplace.
Results
The program was launched with multiple products from Oracle, including Oracle FLEXCUBE Universal Banking, as well as a third-party treasury solution. FLEXCUBE was designed to act as a central processing engine across the bank. An extensive set of customizations was undertaken to meet business needs and prepare Bankmed for the future. Building process workflows for current and future use for several business areas like loans, trade finance, customer onboarding, central bank reporting data integrations, and a large number of ODI interfaces are a few examples of the complexity of the program. Bankmed went live in 2020, and within a week the operations were fully functional.
Some of the benefits gained included a more flexible single banking system, reduced time to market for new products, and a shorter end-of-day close, which shrunk from 8 to 10 hours to only 3.
In addition, using Oracle for all its products (Oracle FLEXCUBE, Oracle Banking Digital Experience, Siebel CRM, and Fusion Middleware) enabled the internal IT team to extend existing functionality and enhance the customer experience.