Mashreq Bank, one of the UAE's leading financial institutions, has successfully replaced over 40 legacy systems with Oracle FLEXCUBE Universal Banking and Oracle FLEXCUBE Direct Banking solutions across Qatar, UAE, Kuwait and Bahrain, with Egypt soon to follow.
With critical limitations in the bank's legacy platform, Mashreq required a full transformation of its core banking to support growth and innovation, whilst complying with Basel II, Know Your Customer and other upcoming regulations.
With Oracle FLEXCUBE, Mashreq now operates on a centralized scalable platform, which provides a 360-degree view of all customer relationships. The bank is able to launch new products in well under half the time it took with their legacy environment.
The deployment of Oracle FLEXCUBE has helped the bank improve the response time for customers at ATMs, and enhance the experience on internet banking.
The bank has witnessed an increase in its sign-up rate of new customers for internet banking as a result of the new technology, and bank's marketing efforts. Customers have doubled their use of internet banking for some transactions, leading to enhanced customer service.
Mashreq is now able to price various products & services based on the overall relationship a customer shares rather than the products being used
Efficiency in FLEXCUBE End of Day process and automated profit management in Oracle FLEXCUBE Islamic Banking has enabled the bank to reduce processing time, significantly improving the customer experience.
Mashreq Bank selected Oracle FLEXCUBE in 2010 after a competitive evaluation involving the incumbent for international operations, T24 from Temenos, as well as Finacle from Infosys and Intellect from Polaris.
Mashreq first deployed Oracle FLEXCUBE in Qatar in 2011, extending the platform to UAE in November 2012. The solution was successfully implemented in Kuwait and Bahrain in March 2013, and is on course to go-live in Egypt in second half of 2013.
Mashreq recently won the Best Core Banking Implementation (Middle East) at the Asian Banker awards for its successful implementation of Oracle FLEXCUBE in the UAE.
"As a fast growing bank, we required a platform that would enable us to accelerate time to mararket for new products, and improve the overall customer experience across all our markets," said Somnath Menon, EVP Operations and Technology, Mashreq Bank. "We evaluated a number of solutions and found that Oracle FLEXCUBE stood above its competitors in meeting our requirements. Oracle FLEXCUBE has helped us significantly improve our response time to customers, giving them a superior experience. Furthermore, the platform's scalability and flexibility provides us with room to meet our growth objectives."
"It is essential that financial institutions like Mashreq Bank are able to differentiate themselves by providing a personalised customer experience", said Chet Kamat, CEO & Managing Director Oracle Financial Services Software. "Integral to this is the ability to see all information on a customer to provide the most relevant and appropriate products, offers or services at every touch-point. Oracle FLEXCUBE Universal Banking provides a complete 360 degree view of customers, enabling banks such as Mashreq to make informed business decisions, and putting the customer at heart of everything it does."