Oracle Financial Services Software Introduces Oracle FLEXCUBE Universal Banking Release 11.0

With a goal of enabling banks to reduce operational risks, lower costs, and enhance customer service, a new release of Oracle FLEXCUBE Universal Banking was announced by Oracle Financial Services Software. According to the Redwood Shores, Calif.-based vendor, Oracle FLEXCUBE Universal Banking release 11 provides complete support for the lending, leasing and mortgage lifecycle across origination, servicing and collections, and helps banks improve their reach and generate fee-based income through better intermediary and broker-aided distribution of products to target segments. The solution takes advantage of centralized, multi-product origination functionality to provide a uniform customer experience, standardize processes across the enterprise, and create centers of excellence.

Additionally, improved deployment and integration accelerators and extensibility features in the new release are designed to help banks launch products faster as a result of a quicker, more- efficient and less-expensive implementation of Oracle FLEXCUBE, the vendor says. Oracle FLEXCUBE release 11 features enhanced deployment accelerators with pre-configured products and processes for specific regions and countries, helping banks generate a quicker return on their investments.

As a result of integration with Oracle Enterprise Manager, customers can now manage the Oracle Database, Oracle Fusion Middleware components, as well as the Oracle FLEXCUBE application from a single console. Oracle FLEXCUBE release 11 also helps to improve operational and analytical insight for bankers through enhanced business intelligence support and integration with Oracle Reveleus as well as Oracle Mantas' Know Your Customer, Anti Money Laundering and Fraud, according to Oracle. Along with this release, Oracle also is launching the Oracle FLEXCUBE Integration Lab to provide customers with secure access to an instance of Oracle FLEXCUBE in order to get a first-hand feel for how to integrate with the application using existing Web services.

"Improving their reach and generating fee-based income through enhanced origination and distribution is at the top of the 2010 agenda for banks," said Joseph John, Executive Vice President, Banking Products, Oracle Financial Services Software, in a press release. Added Karen Massey, Senior Analyst, Consumer Banking, IDC Financial Insights, in the press release, "The new decade will bring a renewed spotlight on core banking renovation after a prolonged period of delaying core projects during the global recession. The focus will be on refreshing the core to support new business models as financial institutions look to improve profits and increase efficiency, questioning the tremendous maintenance and integration costs of legacy core systems. The flexibility of a component-based approach will be key to core renewal, supporting unique strategies as FI executives invoke innovation to take a leadership position in the marketplace."

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio