Oracle Gains Momentum In The Financial Services Sector

Oracle India has announced that more than 250 mid-size financial services institutions, including co-operative and regional rural banks and co-operative credit societies, are using Oracle Database and Oracle Fusion Middleware to help automate transactions, enabling them to conduct branch operations at a faster pace and increase the number of transactions per day.

Institutions such as Buldana Credit Co-operative Society (Buldana), Cosmos Co-operative Bank (Pune), GMC Bank (Gandhidham), Mannappuram General Finance and Leasing (Kerala), Punjab State Co-operative Bank, Rajasthan State Co-operative Bank, Rendal Sahakari Bank (Pune), South Malabar Gramin Bank (Kerala), The Varachha Co-operative Bank (Surat) and Youth Development Co-operative Bank (Pune) are all running on Oracle Database and Oracle Fusion Middleware.

Partners such as Datavision Software Solutions, EBZ Online, Flexcel International, InfrasoftTech India, JJIT Software Solutions, HCL Infosystems, TM Systems, Virtual Galaxy and Zenith Infotech worked with Oracle to offer Oracle-based core banking solutions and total branch automation solutions for financial service institutions.

“We chose Oracle because it is compatible and easy to maintain,” said B M Todkar, general manager, Youth Development Co-Op Bank, Pune. “Of late, security has become crucial for financial institutions and Oracle Database has what we need.”

“Oracle Database powers our commitment to ‘be on time’ with customers,” said Shailesh M Chhaniyara, IT Head, The Varachha Co-op Bank, Surat. “Oracle has facilitated reliable availability of data, which has in turn enhanced our customer service.”

“In order to enhance our efficiency, we chose to implement FLEXCUBE, Oracle Database and Oracle Financial Services OnDemand. As a result of this we were able to replace the bank’s manual processes. At the same time, we were also able to enhance customer intimacy, which we built over many years, and ultimately develop greater competitive differentiation,” said P S Sidhu, managing director, Punjab State Co-operative Bank.

“We are happy to be able to serve mid-size financial institutions with end-to-end solutions,” said Anup Varma, regional director, Technology Commercial Sales, Oracle India.