Askari Bank Limited, one of the fastest growing domestic banks in Pakistan, has chosen to implement a wide range of Oracle Solutions such as Oracle Database, Oracle Fusion Middleware and Oracle Applications including Oracle FLEXCUBE (core banking system) Oracle Reveleus (risk management system. The project aims to modernize its IT architecture to improve banking operations, business efficiency and customer service. Oracle is Askari Bank’s key business partner in this significant effort.
“We evaluated many technology solutions available in the market but Oracle is the only technology solution provider that offered a complete, highly available and secure solution for our stringent business requirements,” said Javed Iqbal, CIO of Askari Bank. “We are confident that Oracle solutions will ensure continuous availability of banking services and business continuity while ensuring data security and regulatory compliance.”
On the database side, Oracle Database Options like Oracle Database Vault, Advanced Security, Data Masking and Audit Vault will provide data Security to address auditing & compliance guidelines.
On the middleware layer, Oracle Fusion Middleware products like Oracle SOA Suite and Oracle Application Adapter will enable Askari Bank to seamlessly integrate all its business applications. It will also assist the bank to reduce the time taken to introduce new schemes or products and reduce cost of manual integration within various business functions.
“Oracle has been serving financial corporations for decades. Banks around the world rely on Oracle to help them streamline business processes and improve cost efficiency ratios to provide greater value to customers,” said Natasak Rodjanapiches, Regional Managing Director-Oracle ASEAN “We are pleased that Oracle is able to help Askari Bank build a highly available, scalable and secure operating environment to enable 24×7 services to its customers”.
Oracle FLEXCUBE’s core banking system’s flexible process configuration capabilities allow Askari Bank to configure business processes to suit their needs. Its flexible open standards based architecture coupled with extensive functionality lends agility to bank’s operations and enables them to standardize, consolidate, manage risks and compete in challenging market conditions.
”Oracle’s comprehensive scalability & manageability features will help Askari Bank safeguard its infrastructural investment in coming years,” said Farhan Ibrahim Chaudhry, General Manager Sales (Technology Business), Oracle Corporation, Pakistan and SAGE (W). “It will also help Askari Bank to optimize its IT resources to its fullest, enabling Askari Bank to significantly reduce total cost of ownership and increase return on investment
Oracle Reveleus will provide Askari Bank with the industry’s most comprehensive enterprise risk management capability enabling the bank to comply with Pakistan State Bank regulations and those specified in Basel II guidelines.
Other business applications to be implemented by Askari Bank include Oracle Siebel Customer Relationship Management, PeopleSoft HRMS (for human capital management) ,Oracle E-Business Suite Financials and Oracle Maximum Availability Architecture as well for their growing business demands.