Oracle Flexcube Detailed Guide
Table of content
- What is Oracle Flexcube?
- What is Oracle Flexcube used for?
- What are the features of Oracle Flexcube
- What are the benefits of Oracle Flexcube?
- What are the banking challenges that Oracle Flexcube solves?
- What is the Oracle Flexcube Implementation process?
- Profinch: Your Preferred Flexcube Implementation Partners
- What are some Flexcube Case studies I can refer to?
FLEXCUBE is an automation-based banking core software developed and released through Oracle Financial Services. The solution was designed specifically for banks and financial institutions.
It provides:
- Customer-centric essential banking functions.
- A complete view of all customers.
- Better interaction between bank staff and customers.
Oracle FLEXCUBE is designed and developed to allow for multiple deployment options and banking transformation strategies within a heterogeneous system according to the particular needs of a bank.
Banks can now jumpstart digital initiatives by using an off-the-shelf solution designed to offer extensive capabilities across all banking functions. The shrink-wrapped solution can be plug-and-play and provides many options to deploy standalone point-based products.
Oracle also provides the best-of-breed point solutions that enable banks to focus their efforts on business to address urgent strategic needs and implement a gradual transformation to meet their needs.
With FLEXCUBE’s open-source platform and management of multiple APIs, the users can develop their business logic and interfaces and integrate the system with third-party applications. This global central banking system is compatible with different regulations and is suitable for any bank operating in more than one hundred and 115 countries.
Banks can now jumpstart digital initiatives by using an off-the-shelf solution designed to offer extensive capabilities across all banking functions. The shrink-wrapped solution can be plug-and-play and provides many options to deploy standalone point-based products.
Oracle also provides the best-of-breed point solutions that enable banks to focus their efforts on business to address urgent strategic needs and implement a gradual transformation to meet their needs.
With FLEXCUBE’s open-source platform and management of multiple APIs, the users can develop their business logic and interfaces and integrate the system with third-party applications. This global central banking system is compatible with different regulations and is suitable for any bank operating in more than one hundred and 115 countries.
What is Flexcube?
Oracle FLEXCUBE is a finance service and banking management application that helps businesses build multiple portfolios of products such as microfinance, loans, deposits, Islamic banking, financial inclusion, and much more, depending on particular market segments and customers. It allows staff members to manage loan payments, monitor repayments, get insights into customer credit history, perform transactions, and work authorization procedures from an integrated platform.
Oracle FLEXCUBE’s module for investor servicing lets fund managers and distributors, brokers, and transfer agencies manage mutual funds and hedge funds investors’ accounts, investment-linked products, corporate action, and so on while ensuring compliance with regulatory guidelines.
The module lets team members use machine learning technology to make product recommendations, maximizing overall cross-sell and sales opportunities. The platform has an inbuilt parameterization feature that allows companies to tailor products and services to match specific countries, entities, languages, currencies, and much more.
Oracle FLEXCUBE offers an application programming interface (API) that allows companies to connect the platform with various third-party software solutions. It will enable supervisors to create business, customer branch, enterprise, or branch-level data to enhance decision-making processes.
What is Flexcube used for?
Oracle FLEXCUBE can help banks improve their products and service development by bundling them with their offerings or the offerings of their partners and pricing them at a competitive price and doing this with speed and agility. Its centralized product administration, as well as its high levels of parameterization and support for complicated process flows, lets banks quickly reconfigure systems to accommodate new services and usage scenarios.
The platform’s user interface is responsive with intelligent information retrieval as well as clearness of context also facilitates mobility and speedier time-to-market.
- A broad product range that includes loans and deposits is complemented by centralized product management and effective administration.
- Parameterization at a high level and over 40 localizations aid banks in quickly entering the market with custom-designed services and products and identifying potential business opportunities.
- The capability to provide customized and flexible pricing includes the option of relationship-based pricing. Banks can also leverage pertinent and contextual recommendations for products specifically tailored to a client’s needs.
- Straight through processing, which helps optimize back office processes.
- The pre-defined procedures help banks accelerate the release of their products and services. Automatization and digital assistants assist in optimizing the operation.
What are the features of Flexcube?
Multi-dimensional Agility
Oracle FLEXCUBE is architected to allow various deployment options and banking transformation strategies in a heterogeneous setting in accordance to the needs of a bank.
Banks can now kick-start digital initiatives using an off-the-shelf solution that has extensive capabilities across all banking functions. This shrink-wrapped solution is plug-and-play and offers numerous options for co-deploying standalone point-based products.
Oracle provides the best-of-breed, standalone point solutions that allow banks to prioritize their business goals, address their immediate strategic requirements, and undergo continuous change to accommodate their strategic goals.
Oracle FLEXCUBE can help banks develop new products and services by bundling their partners’ products or offerings and pricing them at a competitive price and achieve this speedily and efficiently. Its centralized product administration, as well as its high levels of parameterization, and support for complex processes, lets banks quickly reconfigure systems to adapt to new requirements and usage scenarios.
The platform’s user interface is responsive and intelligent in its information retrieval, and clearness of context also facilitates mobility and speedier time-to-market.
Improved Connectivity
Oracle FLEXCUBE offers banks a complete set of options to benefit and participate in open banking. This solution allows banks to work seamlessly and securely with third-party service providers while controlling the specific ecosystem that banks decide to operate within.
Built to meet the needs of heterogeneous enterprises, Oracle FLEXCUBE’s integrated architecture allows easy and safe integration banks and platforms for industry marketplaces, ecosystems, and other media. It provides the most secure and seamless exchange of information by using industry standards such as ISO 20022, Rest API libraries, the Blockchain adapter SAML 2.0, and the common interoperability frameworks that facilitate better integration and collaboration in connected networks. The solution can also enable simple and seamless data integration across Oracle and non-Oracle apps in banking.
Oracle FLEXCUBE’s integrated library of RESTful services offers the platform for industrialization API consumption and facilitates the creation of applications and services that banks can use. In addition, the platform helps banks develop faster and more quickly to provide ubiquity of service and be more in line with the laws such as European Union Payment Services Directive 2 (PSD2) and the UK’s Open Banking standards.
Blockchain
The platform comes in a blockchain-based adapter, which lets Oracle FLEXCUBE interface with any blockchain-based system. The adapter facilitates the seamless data exchange between Oracle FLEXCUBE and other blockchain data sets. The adapter is compatible with all versions of Oracle FLEXCUBE that requires no modifications. The adapter lets banks see every blockchain transaction in the Oracle FLEXCUBE application. The simple configuration of the adapter allows banks to use blockchain technologies to tackle business issues, improve the efficiency of their processes, lower risks and boost straight-through processing.
Optimal Efficiency
Oracle FLEXCUBE helps drive operational efficiency and flexibility. It also provides the ability to effectively redefine the business model and operating procedures with a variety of options for deployment that range from on-premise private, managed, and public cloud. Oracle FLEXCUBE’s multi-tenant feature allows the sharing of code and application data, which can result in substantial savings in resources and costs.
With Oracle FLEXCUBE, banks can efficiently streamline, standardize, or extend product lines, operational lines, and lines of business and quickly respond to ever-changing business needs with its adaptable interface, business logic, powerful localization capabilities, and one-click deployment.
Oracle FLEXCUBE’s integrated Machine Learning adapter also helps banks improve their automation and operational efficiency. Furthermore, the platform facilitates ensuring compliance with the latest standards and regulations with its out-of-the-box capabilities, particularly in the payments Open Banking and data privacy area.
What are the benefits of Flexcube?
Every financial services firm is seeking new ways to expand and thrive. Modern core systems address this demand and offer the following advantages:
Innovation
To keep customers and attract new leads and customers, banks should use the latest core banking technology. By enhancing their capabilities to develop products and services geared towards customers, banks can dramatically increase their time-to-market and revenue. FLEXCUBE is distinguished from its competitors due to its versatility and numerous possibilities for customization.
Agility
Modular solutions enable banks to become more agile soon. This means they can implement various changes more quickly or adapt to new situations. FLEXCUBE is an open-source platform that allows developers can work with one functionality and not have an influence on any other module.
Integration
FLEXCUBE allows for quick integration with third-party applications that fulfill the needs of banks with large ecosystems. It comes with all the required libraries and APIs that can seamlessly integrate with third-party applications.
Cost-effectiveness
FLEXCUBE is an excellent alternative to migrate away from outdated systems. It’s fully compatible with current regulations, customer needs, and expectations. It supports a variety of deployment settings and lowers the cost of innovation.
What are the banking challenges that Flexcube solves?
In an environment of competition, FLEXCUBE allows banks to profit from the following advantages:
- Change outdated systems by implementing universal solutions
- View the entire picture of your customers
- Integration with applications from other companies
- Transfer to the central processing of extensive data
- Utilize analytical tools to assess the customer’s needs regarding new services and products.
- Provide high-level customer support
- Replace or upgrade products in accordance with the requirements of the market or regulations
- Banking products and services can be supported with omnichannel delivery
- Reduce the cost of operations and boost revenues
FLEXCUBE can help banks move to digital transformation and growth. It provides embedded machine learning and artificial intelligence-based frameworks that enable banks to collect valuable information on the segmentation of customers, attrition, and lifetime value.
Banks can use FLEXCUBE to deploy multiple deployment options that meet banks’ specific requirements and provide excellent open banking capabilities.
What is the Flexcube Implementation process?
STEP 1: Installing Oracle FLEXCUBE banking solutions.
STEP 2: Parameterization for individual modules that have specific needs.
STEP 3: Migrating legacy banking systems to Oracle FLEXCUBE banking system.
STEP 4: Integration with banking systems from third parties
STEP 5: Adding additional banking capabilities, such as transactional and other systems.
Profinch: Your Preferred Flexcube Implementation Partners
Profinch is an Oracle Partner specializing in Oracle FLEXCUBE implementation, support and upgrades, and other banking-related services.
Profinch was the:
- First Oracle partner to implement Oracle’s new GTB stack in a Tier I bank. The bank is one of the well-known names in the UAE.
- First Oracle partner to implement OBDX in Africa.
- First Oracle partner to implement FLEXCUBE 14.X in CIS.
- First Oracle partner to implement OFSAA on Cloud.
- First Oracle partner to implement OBDX in CIS and Eastern Europe.
- First partner to implement Oracle Neo Bank implementation on Hybrid Cloud (AWS + OCI).
- First Oracle partner to implement FCCM scenarios in APAC.
- First Oracle partner to implement OFSAA (entire suite) in a digital bank in APAC.
- First Oracle partner to implement Oracle FCCM in the Philippines in a digital bank on Huawei Cloud.
- First Oracle partner to implement FLEXCUBE 14.X, OBDX, OFSAA as a Core and Digital transformation project in Francophone North Africa.
In all, there are more than 100 banking core systems around the world. FLEXCUBE is one of them. Flexcube is a banking software system developed by i-flex Solutions, which was a software company based in India. Initially launched in the year 1998, Oracle acquired i-flex Solutions in 2005, and Flexcube became a part of the Oracle Financial Services software division. It continuously changes in response to the needs of the regulations and market, which are met and then implemented locally by system integrators. Central banks within each country are responsible for regulating the finance policy. So, banks must follow these rules at various levels, including liquidity.
Explore our Core Banking Solutions.
What are some Flexcube Case studies I can refer to?
Here are some of the Oracle FLEXCUBE case studies you can refer to in order to have a better understanding of Flexcube Implementation that Profinch has done as a part of their core banking solutions.
Project Name | Solution Type | URL |
UK-Based Challenger Bank Successfully Executes Multi-Country Implementation Oracle FLEXCUBE Core Banking Solution (CBS) Along With OBPay And OB API. | Core Banking Solution | |
Newly Launched Nigerian Bank Onboards Profinch For A FLEXCUBE Implementation + Workflow Project. | Core Banking Solution | |
Premier Commercial Bank Of Malawi Onboards Profinch For FLEXCUBE 12.0.3 Production Support. |