With the arrival of new technologies, more and more financial and banking institutions are focusing on advancing their management and businesses in different ways. However, with the global pandemic that is hurting public health and economies all over the globe, the need for technological advances has never been higher as all banks move to digital management.
Particularly, the European Merchant Bank is well-known for its existing digital structure from OpenPayd, but with the Oracle FLEXCUBE implementation, this bank brings something entirely new to the table, according to Ekmel Cilingir, Chairman of the Supervisory Board of European Merchant Bank.
How the European Merchant Bank functions, the meaning of Oracle FLEXCUBE, and how this technology will change the banking operations are the things we’ll discuss in this article. So, if you want to find out more about this, you should keep reading.
About The European Merchant Bank
The European Merchant Bank was different from the traditional banks ever since it was opened. With a different idea of what banking will be like in the future, Ozan Ozerk focused on the Banking as a Service (BaaS) strategy. Providing a full banking experience through a single API. Even though this bank is located in the beautiful city of Vilnius in Lithuania, the available technology makes it possible for everyone to use their services.
This bank provides the ultimate combination of face-to-face consultations and human interaction with the practicality and speed of the digital age. So, you don’t have to visit the bank for every single detail, especially if you’re located someplace outside Lithuania. With their advanced technologies, you can do almost anything from the comfort of your home.
The European Merchant Bank offers its clients several banking services, including local and international payments, various lending options, and savings plans all through a single API. With the newest addition of Oracle FLEXCUBE as the leading core banking system and Facilization as their technology and implementation partner, the European Merchant Bank is taking a step closer to digitized banking and finance services, says Ekmel Cilingir.
Oracle FLEXCUBE Features
Oracle FLEXCUBE is a universal platform for banks that want to transform their business into a more efficient and user-friendly company. By using the latest technology, Oracle FLEXCUBE can eliminate or at least minimize the challenges traditional banks face daily.
As it’s specifically designed for banks and financial institutions, it provides the ultimate software a growing number of banks are implementing in their management. If you are wondering why this universal platform is so useful for various financial companies located all around the globe, here are some key features of Oracle FLEXCUBE. This will give you a better understanding of their purpose and goal:
- Replacing traditional and outdated banking systems with new and innovative software;
- Centralized point of big data processing;
- Getting a complete review of all customers;
- Using analytical tools and machine learning to analyze the needs and necessities of each customer and provide a better personal experience;
- Dedicating an additional level of care and attention to customer support;
- The possibility of easy and fast alterations to products and services when needed;
- Reducing the expenses of each company while simultaneously looking for ways to increase revenue;
- The possibility of integration with other useful applications;
With these innovative ideas, Oracle FLEXCUBE can transform and move the entire management of the European Merchant Bank to digital operation. With all the features being available over software, the traditional banking methods are starting to become replaced by faster and simpler computer ways.
Facilization, as an Oracle FLEXCUBE implementing partner, offers a simple and easy setup of FLEXCUBE software for all banks and financial institutions.
What usually prevents these companies from implementing a new and updated software is the limited budget and the fear of unsuccessful completion. Also, these projects tend to be quite time-consuming, which can, in turn, affect their usual business.
That’s why with Facilization, the implementation of Oracle FLEXCUBE has never been more straightforward. They provide a budget-friendly and successful installation of FLEXCUBE completed on time. Besides the onsite implementation, Facilization also provides custom configuration and support services at all times.
So, there are two possible ways of getting Oracle FLEXCUBE through Facilization.
- Moving to FLEXCUBE from a traditional, legacy system already in place – this includes the familiarization with new protocols, devices, systems, and parameters, and their connection to the traditional methods.
- Setting up a new FLEXCUBE for a starting business – this includes the technical implementation of FLEXCUBE and all of its features, alongside the support and assistance regarding the choice of the best option for each company.
What This Means for European Merchant Bank
By implementing Oracle FLEXCUBE through Facilization in combination with OpenPayd´s technology, , European Merchant Bank takes a big step towards the future of digital banking as a Banking as a Service (BaaS) provider. With this software in-tact, this bank will have a couple of major changes that will benefit the business’s overall success.
- Innovation – everyone can agree that Oracle FLEXCUBE brings many innovative methods to the management of financial institutions. Innovation is the European Merchant Bank’s key feature that will bring more customers and clients due to the flexibility and various customization options available.
- Efficiency – with FLEXCUBE, EMB can turn its legacy methods into more cost-effective ways. Migrating from traditional systems can raise the efficiency of daily computer tasks, decrease expenses, and therefore raise revenue.
- Agility – one of the essential features of any bank in present times is its agility. With Oracle FLEXCUBE, European Merchant Bank can raise its alertness and response time and find better solutions in a shorter period with problem-solving techniques.
To sum up, the European Merchant Bank is taking numerous steps towards the future of banking. With the combination of digital and personal experience, this bank offers its clients services that are flexible, simple, fast, and cost-efficient service through a single API.
With Oracle FLEXCUBE, ERM ensures a safer and better functioning of the entire company system.