Hampden & Co, a new private bank due to open in the first quarter of 2015 in the UK, has announced that it will be using Oracle Flexcube to help manage its core banking and mobile banking operations.
Flexcube on Oracle Managed Cloud Services will be used to deliver a secure digital banking platform which is flexible and can be scaled up when business booms.
The solution will mean that Hampden & Co. will be able to manage and crunch data from multiple sources to gain business insights into what the customers want, and therefore deliver products and services tailored to suit the customer base.
The bank chose Oracle from a shortlist of three potential candidates, and the company notes that Flexcube will mean substantially lower operating costs.
Oracle’s technology will also help the new bank to meet the compliance requirements demanded by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
Graeme Hartop, CEO, Hampden & Co, commented: “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. We view delivery of outstanding client service as a priority, which in today’s world needs to be supported by the best technological core banking platform available.”