Housing Finance Bank partners with Oracle and JMR to revolutionalize digital banking
Housing Finance Bank (HFB) has announced a strategic partnership with Oracle Banking suite and JMR Infotech, to accelerate digital banking transformation and deliver a stellar customer experience.
This means that HFB, which is a completely developed commercial bank in Uganda will actualize Oracle Banking suite, leveraging the next-generation banking technology to enhance digital oriented capabilities and deliver steadyfast service to its clients.
The bank intends to bolster digital initiatives, in order to deliver convenient and new client solutions to the market faster, which will be a crucial step in enhancing service delivery, by borrowing a leaf from JMR’s years expertise in Oracle Banking suite and the FLEXCUBE industrial technology.
Michael K Mugabi, the Managing Director for HFB said the strategic partnership is tailored towards improving the livelihood of customers through boosting their financial empowerment that is in harmony with digitalization.
“We purpose to improve the livelihood of our customers in terms of shelter, financial freedom, and empowering them. That is the reason we come to work every day as we grow this institution and there is no better reward than a satisfied customer,” remarked Mugabi, adding; “speed of service is critical to us.”
Jason Maingi, the banking sales director for Oracle Financial Services said the strategic partnership will give HFB a trump card that other banks in Uganda simply do not match, since the adoption of FLEXCUBE technology will enable the financial entity to have a competitive edge in the financial market.
“With its eyes firmly planted on the future of customer service and innovation, Housing Finance Bank’s planned implementation of our Oracle FLEXCUBE technology will put them in a position to pull ahead in the competitive Ugandan market,” asserted Jason Maingi.
Amitava Sanyal, the JMR Infotech Vice President for Middle East and Africa hailed the partnership, noting that concertedness will work to ensure team cordination, which will be instrumental in registering significant improvements in digital banking.
The partnership lays a fertile ground for HFB to institute Oracle FLEXCUBE, Oracle Banking Payments and Oracle Banking APIs from the Oracle Banking suite in addition to an Enterprise Service Bus Middleware.
JMR Infotech will be pivotal in intergrating workings with the Bank to implement the new platform including the development of new apps and migration of existing ones, on top of delivering a wide range of offers that are enveloped in the current system.
Oracle Banking is a platform of comprehensive, pre-intergrated financial service applications that enable large banks to offer fully-fledged packages of digital banking services to customers, hence offering a scalable environment for growth.
The suite is firmly hinged on microservices architecture with 3000-plus open banking REST APIs, which makes it easy for inventors like HFB to “plug in” additional Oracle and third-party services in case need arises.
The suite reduces complexity and cost of technology in financial transactions, which helps banks drive innovation with progressive transformational capabilities like core and applications for retail, corporate banking, real-time payments, and unequaled digital experience.
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