The Strategic Move to the Cloud by a Leading Financial Institution
Overview
A prominent multinational provider of financial solutions primarily focused on underserved markets across Africa and Latin America undertook a transformative project to modernize its technology infrastructure. Founded in 2001 and headquartered in Mauritius, this institution operates across various countries, including Ghana, South Africa, Uganda, Zambia, Botswana, and Mexico.
The institution is committed to empowering customers by helping them manage day-to-day expenses, invest in business opportunities, or cover unexpected costs. It leverages both in-branch and digital platforms to extend financial services, ensuring accessibility even in remote and underserved regions.
Challenge Ahead
The institution is committed to empowering customers by helping them manage day-to-day expenses, invest in business opportunities, or cover unexpected costs. It leverages both in-branch and digital platforms to extend financial services, ensuring accessibility even in remote and underserved regions.
Project Scope
The financial institution partnered with Profinch, a technology service provider, to achieve the following objectives:
- Implement Oracle FLEXCUBE: Deploy an integrated core banking solution to enhance customer service and streamline banking operations, with seamless integration capabilities for card interfaces.
- Migrate Legacy Databases to the Cloud: Transition from on-premises MySQL databases to Oracle Cloud Infrastructure (OCI) to ensure data security, integrity, and ease of access.
- Pioneer Cloud Adoption in East Africa: Become the first bank in the region to adopt cloud technology, setting a benchmark for innovation and digital transformation.
Highlights
- Oracle FLEXCUBE Banking implementation with integration of card interfaces.
- Migration of legacy on-premises MySQL databases to Oracle Database services on OCI.
- Recognized as one of the first financial institutions in East Africa to adopt cloud technology.
Conclusion
This cloud transition marked a pivotal moment in the institution’s digital transformation journey. By leveraging Oracle FLEXCUBE and Oracle Cloud Infrastructure, the financial institution has achieved enhanced service flexibility, significant cost savings, and operational efficiency.
This strategic move positions the institution as a forward-thinking financial entity, setting a precedent for others in East Africa and beyond to embrace cloud technology for improved performance and customer satisfaction.
Connect with us to understand more and address your specific business needs and goals.
