Union Bank deploys Oracle solutions, to standardize operations

UNION Bank of Nigeria Plc (UBN) said it has deployed the Oracle Flexcube Universal Banking Solution 12.0- a new core banking application aimed at modernising its infrastructure, improve operating efficiency and service delivery.

The solution, which beside improving business operations, would also integrate the lender’s activities into a single operating platform for its countrywide network.

The bank noted that as one of Nigeria’s top tier lenders with network of over 320 branches across Nigeria, it seeks better ways to address its corporate, retail and investment banking needs, thereby positioning itself as a highly respected provider of quality banking services in Nigeria.

The Chief Information Officer (CIO) of the bank, Yomi Akinade, said with the new platform, the bank would be enhancing and standardising its operations across the country by leveraging on the capabilities of the new technology.

“We will have a common operating platform in our extensive network of over 320 branches across Nigeria,” he said.

Akinade, who disclosed that the financial institution had already gone live with the new platform since April 7, 2015, noted that a quick review of current banking platforms in the industry showed that the new technology puts it at the top.

He said since the bank embarked on restructuring in 2010, his team has implemented well over 70 technology projects.

“There are three key areas on the over 70 technology projects, which include improving customers’ services, securing customers and the bank’s data, as well improving our productivity as an institution,” he affirmed.

The new platform, he noted, is in line with the bank’s goal of becoming a highly respected provider of quality banking services within six areas of focus, as listed by his Group Managing Director and Chief Executive Officer, Emeka Emuwa, at a media parley on March 2014.

These include quality of customers experience, quality of client base, quality of talent, quality of banking platform, quality of professional standards and quality of the banks’ earnings.”

He pointed out that during the time of the upgrade, customers and the general public may experience some challenges, but added that measures have been put in place to ensure continuous seamless service delivery.

“As you well know, when you go live with a major massive complex project like this, there would be teething issues. So, there are challenges and customers should understand this, as it is for their own long term benefit, because we would have a much more superior service offering when the system runs fully,” he added.

The spokesman said some of the challenges being experienced with the current system include the maintenance of multiple servers in branches, constant need for system enhancement when a new field is required on the system, which usually takes months to resolve.

Others are income leakage since some charges and new products could not be automated or configured, customer mandate maintained on third party applications instead of the core banking application, complexity in report generation, audit trail on maintenances and issue of account replication from the retail to the corporate modules.

However, with the upgrade to the Oracle Flexcube, the bank would have and enjoy a central server, which would be maintained at the head office and reduce running cost associated to maintaining multiple servers.

Also, the new application allows users a level of flexibility and extensibility by introducing User Defined Fields, which was prior to this time not defined.