UK’s private bank Hampden has selected Oracle FLEXCUBE on Oracle Managed Cloud Services in a bid to offer a secure and compliant digital banking platform.
By using Oracle Managed Cloud Services with Oracle FLEXCUBE, Hampden will be able to aggregate and manage data from multiple sources and deliver improved products and services.
In addition, Hampden’s cloud-based IT infrastructure management by Oracle will allow the bank to focus business resources on innovation.
Hampden, which is set to open in the first quarter of 2015, has selected Oracle from a shortlist of three potential solutions, after completing a comprehensive IT system selection process.
By running Oracle FLEXCUBE through Oracle’s UK data center based in Linlithgow, Scotland, the bank is said to benefit from lower operational costs.
The bank can also meet rigorous compliance requirements outlined by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), by implementing Oracle’s applications and technology.
Hampden CEO Graeme Hartop said: "The UK’s high net worth sector has grown steadily over the past few years – even during tough economic times – which has created a growing demand for private banking services.
"Increasingly, private banks are focusing on wealth management rather than core banking, a gap in the market which we seek to address with the help of Oracle."
Oracle Financial Services business development vice president Senthil Kumar said: "Hampden & Co. joins the Oracle family as the first UK bank to leverage core business cloud applications delivered from Oracle’s UK cloud facilities."
Image: Hampden will use Oracle Managed Cloud Services with Oracle FLEXCUBE to deliver improved products and services. Photo: courtesy of jiggoja/ FreeDigitalPhotos.net