FBN Bank UK goes digital and innovates with Oracle

FBN Bank UK is an international bank focused on facilitating trade between Africa and Europe. It serves corporate, institutional, and private customers. It was running a dated version of Oracle FLEXCUBE Universal Banking to manage its core banking operations. The organization was wary of the disruption that an upgrade might bring, but growing vulnerabilities and evolving requirements meant change was necessary. The bank also realized that change would bring opportunity to digitize operations as it prepares for open banking, while improving security to meet requirements, such as PSD2.

The bank’s new Oracle FLEXCUBE core banking solution provides FBN Bank UK the ability to use application programming interfaces (APIs) to take advantage of applications that can create efficiencies.

In addition, as FBN Bank UK prepares for PSD2 and Open Banking, partnering with Oracle gives it opportunities to leverage machine learning and intelligent algorithms to bring the bank to the forefront of payment change and innovation.

FBN Bank UK set a goal of upgrading within eight-and-a-half months. The project included the upgrade of Oracle FLEXCUBE Universal Banking, introduction of a new middle-office workflow from Oracle, an updated online banking system, and FBN’s first mobile application. The bank embraced agile development, with managers in the business working closely with developers. As a result, the team could implement changes and fixes very rapidly.

The core solution―which integrated front- and back-office workflows―enabled FBN Bank UK to introduce new levels of automation and digital services. These capabilities, along with automated controls, were especially valuable during the COVID-19 pandemic, enabling employees to pivot to remote work, while ensuring compliance. Oracle FLEXCUBE also supports more intelligent processes, allowing FBN to deliver highly individualized service to customers wherever they are and whenever they require it.

FBN Bank UK has expanded collaboration across staff, partners, and customers. All data resides in one core banking system, allowing analysts to self-serve and get the greatest value from the data. APIs support expanded partner collaboration, which delivers added value to the overall customer experience. Finally, customers interacting with applications and microservices enable more touchpoints and greater personalization across the customer lifecycle.

Oracle FLEXCUBE supports the ISO 20022 standard for data interchange as well as various APIs. FBN Bank UK is exploring opportunities to use artificial intelligence to automate documentation checks, so staffers would need to look at only the exceptions, rather than every piece of paper. It’s also looking at the potential for automated compliance controls, so staff doesn’t need to use multiple systems. These capabilities will also play an important role in the bank’s preparations for PSD2.