Skye Bank adopts Oracle Flexcube 12 to power operations

Skye Bank has upgraded its internet banking software from Oracle Flexcube 6.2 to Oracle Flexcube 12 to power operations and pivot a new era of efficiency, convenience, speed and security.

Timothy Oguntayo

Technology has changed the way businesses interact, which, in turn, has changed the businesses around us, reiterated Skye Bank’s Group Managing Director and Chief Executive Officer designate, Timothy Oguntayo.

Banks have undergone tremendous changes with the adoption of e-commerce, social media, instant messaging and self service banking.

Increasingly, Oguntayo said, “we are faced with unprecedented changes in customer behaviour and expectations as a result of advances in technology and the fierce competition in a rapidly expanding financial services landscape.”

Skye Bank Chief Information Officer, Amafonye Richard, explained that “what we are unveiling is the product of our successful upgrade of Oracle Flexcube 6.2 version which our bank had adopted for several years.

“This new software will serve as the core information technology platform for new capabilities and business growth.”

Buffeted by technology trends, there is the need for new electronic banking platforms to deliver greater convenience, as new patterns of customer behaviour shape the way banks develop, market, and deliver services.

In line with the commitment of Skye Bank to service excellence through information and communications technology (ICT), it has in the past 24 months invested in high technology, Oguntayo recounted.

“Last month, we cut over to our new and improved core banking system with robust transaction processing capabilities that will enable us to provide superior service and consistent experience for our customers across all channels,” he told shareholders at the bank’s annual general meeting.

The upgrade is at the centre of IT transformation programme, a strategic decision that has far reaching implications on the bank’s future business strategies and success, he added.

Before now, Skye Bank had operated with two limited versions of Oracle Flexcube 6.2 that hardly supported new capabilities and growth.

Over the years, different point solutions were acquired or developed in-house to address gaps and deficiencies in the system. This culminated in an overly complex and costly IT infrastructure with multiple dependencies and points of failure.

Upgrading to the newest version of Oracle Flexcube is expected to address most of these challenges by helping to reduce complexity, drive productivity and support innovation and business growth.

Benefits of the new software include seamless customer experience across all channels, centralised transaction processing to eliminate retail/corporate dichotomy, improved business intelligence and product extensibility.

“For our customers, it is a new era of seamless and pleasant experience, going forward,” Oguntayo emphasised.

The new technology provides internet and mobile banking platforms for customers to access a wide range of services anytime, anywhere.