Hampden & Co, a new UK private bank scheduled to open in the first quarter of 2015, is to use a cloud-based version of Oracle Flexcube as it digital banking platform.
An early entrant to the rapidly expanding UK challenger banking market, Hampden & Co. selected Oracle Flexcube to manage its core banking, direct and mobile banking operations from a shortlist of three potential providers. The platform will be run from Oracle's UK data centre in Linlithgow, significantly lowering startup and ongoing operational costs for the bank as it builds its business.
Graeme Hartop, CEO, Hampden & Co, says: “Increasingly, private banks are focusing on wealth management rather than core banking, a gap in the market which we seek to address with the help of Oracle. We view delivery of outstanding client service as a priority, which in today’s world needs to be supported by the best technological core banking platform available.”
Edinburgh-based Hampden has already raised several million pounds from about 250 shareholders, and has set a target of 1000 wealthy clients by the end of its first year.