FLEXCUBE - Positive and Negative impacts.

Advantages -:Implementation of FLEXCUBE BY ORGANIZATIONS ...

FLEXCUBE enables banks to standardize, transform and optimize their business processes. Banks can use FLEXCUBE to simplify and streamline processes, track and administer complex multi-step transactions, efficiently distribute workload and improve customer service by using predefined custom processes for different segments of customers.

Banks can achieve competitive differentiation by developing innovative business offerings and to fine tune their processes based on insight and measurement. The release of FLEXCUBE enables banks to and accomplish this holistically.

FLEXCUBE provides users with dashboards to measure process performance and identify bottlenecks for process improvement. The product serves Governance and Risk & Compliance frameworks allowing institutions to be compliant with changing regulations, monitor fraud and manage their risks .

The release of FLEXCUBE which offers wholesale banks for their cash, trade, payments, treasury and lending and retail banks for their savings, deposits and loans businesses. Other key features of this new release include SWIFT 2007 enhancements, SwiftNET connectivity and comprehensive support for SEPA Payment Processing. FLEXCUBE, since the first release of the application in 1997, offers users of their software the ability to configure new products without any software code change. It allows them to process these for multiple entities from a single-instance of the application installed in the bank.

http://www.oracle.com/industries/financial_services/pdfs/oracle-flexcube-universal-banking-br.pdf

http://www.oracle.com/industries/financial_services/oracle-flexcube-universal-banking.html

Success Stories -

• Citi-Bank - Citibank, one of the largest banks in the world(www.citibank.com), was managing its banking operations through a multicountry system. This system—with 59 versions in 94 countries made it difficult for the bank to carry out systemwide modifications. i-flex FLEXCUBE (now Oracle FLEXCUBE Universal Banking
  was initially deployed to replace the legacy back-office application. ( read more ......) Click here
  http://www.oracle.com/industries/financial_services/pdfs/oracle-flexcube-universal-banking-br.pdf
  


• Natixis - Ranked among the largest banks in Europe, Natixis was experiencing problems with its information systems and processes. It wanted to deploy a solution with technical and functional homogeneity across all European branches without compromising local requirements, and to reorganize and streamline international operations and build strong information systems and processes.The bank initially planned to deploy Oracle FLEXCUBE Universal Banking for its branches in Spain and Germany but subsequently extended the deployment to Panama and Dubai. ( Click on the following link to read more ......) http://www.oracle.com/industries/financial_services/pdfs/oracle-flexcube-universal-banking-br.pdf
  

With rave reviews such as the rankings published in March 2003 by a trade journal calling flexcube the best-selling banking software product in the world and with so many arising success stories it is difficult to find the associated issues with flexcube. However, users of flexcube complain about certain aspects of its functionality. One of the biggest disadvantages with i-flex is that local developments are not handled by the client but rather through India and includes additional license fee’s. T24, on the other hand does, In addition to this, working with i-flex can become very frustrating as well because of I-flex’s policy of only hiring Indian IT professionals. This can be cause issues with countries requiring travel visa’s.

The implementation of flexcube can also be costly since the bank will be obliged to hire professionals from Oracle. The few problems with flexcube can possibly be blamed on the current economic situation regarding service exports and the political situation involving travel between countries, regardless flexcube’s business model remains a outstanding success.