I-flex solutions, a provider of technology application to the global financial services industry announced today that Banco do Brasil will deploy FLEXCUBE Universal Banking for its international operations.
FLEXCUBE will provide the bank, which is strategically present in 23 countries, a business-driven, global, technology platform for its international operations. With FLEXCUBE, the bank will have a business process framework to launch standard-yet-differentiated products across multiple countries. FLEXCUBE will also help the bank provide timely information to various stakeholders, including local regulators. The implementation of FLEXCUBE will begin in the United Kingdom.
FLEXCUBE will help the bank implement global best practices and standardize processes across its international operations. It will improve the effectiveness with which the Bank manages its global risk positions. It will also improve operational efficiency, financial reporting and customer service.
The strategic engagement strengthens FLEXCUBEs position in the Latin American Banking and Financial Services market as Banco do Brasil selected it after an intensive due diligence exercise where it evaluated all other competing applications.
“We wanted a business platform that was adaptable and that would let us operate globally while complying with local regulations,” says Sandro Marcondes, managing director, International Business Division, Banco do Brasil.
“Oracles FLEXCUBE lets us support our global operations round the clock, as also standardize our business processes globally,” says Glria Guimares, director, Technology, Banco do Brasil. “Moreover, we can draw upon a repository of documented industry best practices to enhance productivity. With many successful multi-country rollouts, FLEXCUBE was clearly ahead of its competition. We were impressed with the results other banks like ours in the region have enjoyed after implementing FLEXCUBE.”
“Our starting point is the challenges our customers face,” Rajesh Hukku, Chairman, i-flex solutions. “With the erosion of customer loyalty, to generate new business, banks must move beyond strategies aimed at just retaining customers to those that increase customer intimacy. They must cut costs and use the savings to invest in innovation. To increase competitive differentiation, they need the ability to introduce new products and services in days rather than in months. FLEXCUBE will enable Banco do Brasil to address these challenges and we look forward to working in partnership with them.”