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CLIENT CASE STUDY


Major European banking group: Replaces banking system with Oracle FLEXCUBE

Discover how we used Oracle to help a European banking group streamline operations, reduce product time-to-market and improve reporting reliability.

Overview

Accenture was well positioned to help transform their underlying business processes and infrastructure to succeed in an increasingly competitive and data-driven world.

 

Accenture helps a major European banking group streamline its branch and central operations with Oracle FLEXCUBE, cutting product time-to-market in half and improving reporting reliability to the client’s central bank.

This major European banking group has nearly 300 branches and is a subsidiary of a large Italian bank.

Opportunity

The client wanted to launch several new mortgage and term deposit products in the retail and small- and medium-size enterprise space. Yet an aging core banking system was unable to keep up with their current information demands and their day-to-day operations were increasingly likely to fail. 

Equally important, the current system could not reliably support compliance with the central bank’s reporting requirements, which could result in significant fines.

To overcome these challenges, the client decided to implement a new core banking system that would streamline its branch and central operations, enable it to launch new products and ensure the system’s near- and long-term reliability. 

Because of the scope and complexity of this transformation, the client turned to Accenture to provide expertise, experience and resources.

Accenture used its “accounting engine” to decouple the new Oracle FLEXCUBE system from the client’s general ledger, saving time, effort and cost—and greatly mitigating risk.

Solution

Accenture provided management consulting and systems integration services to replace the client’s core banking system with Oracle FLEXCUBE. 

The client chose Oracle FLEXCUBE because it was easy to implement and required minimal ongoing maintenance. 

The bank was also confident that by drawing on Accenture’s deep industry experience, knowledge of banking systems, Oracle-based integrations, market-leading tools and global footprint, they could accelerate the new system implementation.

At the same time, they also recognized that Accenture was well positioned to help them transform their underlying business processes and infrastructure to succeed in an increasingly competitive and data-driven world.

Because multiple custom modifications can be complex, Accenture used its “accounting engine” to decouple the new Oracle FLEXCUBE system from the client’s general ledger. 

Accenture’s proprietary accounting engine is a software layer that generates accounting entries according to selected regulatory requirements and input from the Oracle FLEXCUBE business events database. The decoupling saved considerable time, effort and cost—and greatly mitigated risk.

The implementation comprised phases for analysis, development, testing, training and roll-out.  

To help make the implementation more time-effective, 35 percent of the work took place at the Accenture Delivery Centers in Tver, Russia, and Lodz, Poland.

Results

Accenture drew on expertise and resources from multiple countries to enable a swift, cost-effective Oracle implementation that helped the client achieve its strategic goals related to growth and the strengthening of core capabilities (such as its retail products release strategy).

The new system successfully streamlined operations, resulting in greater efficiency and a more reliable and accurate reporting process that reduced operational risk and enabled the client to avoid fines.

The system also helped reduce an expected 12-month time-to-market launch of new products to just six months. In addition, the new system has provided the client with a stronger foundation of capabilities to protect its standing in the market and to secure its long-term profitability.