In essence, Bandhan Bank has completed a significant update of its core banking system and expanded its digital services in collaboration with Oracle. The bank, which serves approximately 32 million customers across 35 states and union territories according to Oracle, initiated the overhaul to modernise its retail and wholesale banking operations while introducing new digital capabilities. Leveraging Oracle FLEXCUBE and Oracle Banking Digital Experience, Bandhan Bank aimed to enhance operational efficiency and provide improved services to its diverse customer base, with a particular focus on underserved segments of Indian society.
The bank's partnership with Oracle aims to reflect its commitment to keeping pace with the banking ecosystem's rapid expansion and evolving customer needs. Over a two-year period, Bandhan Bank replaced legacy systems and manual processes with Oracle's advanced banking technology, facilitating seamless operations across various business verticals, including housing finance, general banking, and microcredit.
Representatives from Bandhan Bank noted the importance of transforming core banking operations to support the bank's growth trajectory and improve customer experiences.
With the implementation of Oracle technology, the bank can offer streamlined services such as group loans, housing loans, personal and vehicle loans, payments, and taxes across its retail and corporate banking segments. Additionally, the adoption of Oracle's mid-office loan workflow system has optimised the origination and processing of microloans, improving efficiency and reliability.
The integration of Oracle solutions has also enabled Bandhan Bank to expedite the disbursement of small business loans. Compliance played a crucial role in the transformation, with Oracle's solution ensuring transparent data, documented business logic, and comprehensive compliance across core and digital banking operations.
Moreover, Bandhan Bank now offers customers a seamless omnichannel experience, allowing them to transact online or visit branches with consistent service quality. The introduction of recurring deposits and term deposit accounts empowers microloan customers to enhance their savings habits, while Oracle's payment services facilitate efficient processing of domestic and cross-border payments for various business needs.
Looking ahead, Bandhan Bank plans to introduce its own credit card, leveraging Oracle's digital and core banking infrastructure. Officials from Oracle Financial Services highlighted the partnership's potential to accelerate Bandhan Bank's growth across multiple banking lines while ensuring agility and compliance in India's dynamic banking landscape.
The collaboration between Bandhan Bank and Oracle underscores a strategic effort to leverage technology for financial inclusion and customer-centric innovation, enabling the bank to continue its mission of providing financial opportunities to all segments of Indian society through digital access.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now