Oracle Flexcube Universal Banking Release 11.0 helps banks improve their reach and generate fee-based income through better intermediary and broker-aided distribution of products to target segments.
OFSS claimed that the release enables banks to reduce operational risks, lower costs, and enhance customer service by taking advantage of centralized, multi-product origination functionality to provide a uniform customer experience, standardize processes across the enterprise, and create centers of excellence.
The company is also launching the ‘Oracle Flexcube Integration Lab’ to provide customers with secure access to an instance of Oracle Flexcube in order to get a first hand feel for how easy it is to integrate with the application using existing web services.
Joseph John, EVP of banking products at Oracle Financial Services Software, said: “Improving their reach and generating fee-based income through enhanced origination and distribution is at the top of the 2010 agenda for banks.
Oracle Flexcube Universal Banking release 11 marks a significant milestone, providing unmatched extensibility and integration capabilities combined with operational support. It builds on our proven track record and expertise in providing banks with core banking software solutions.”
Karen Massey, senior analyst of consumer banking at IDC Financial Insights, said: “The new decade will bring a renewed spotlight on core banking renovation after a prolonged period of delaying core projects during the global recession. The focus will be on refreshing the core to support new business models as financial institutions look to improve profits and increase efficiency, questioning the tremendous maintenance and integration costs of legacy core systems.
The flexibility of a component based approach will be key to core renewal, supporting unique strategies as FI executives invoke innovation to take a leadership position in the marketplace.”
