IBS Journal March 2017
53
were involved in the build phase and FLEXCUBE replaced five legacy systems in Chile and three in Colombia. The 11.3.83.1.0 version of the system was implemented, and included the following modules:
locations was also a challenge. In addition to this, there were other issues related to limited knowledge of the legacy systems, and co-ordinating the effort between multiple vendors working on the integration, migration and reporting etc.
• FLEXCUBE Universal Banking Current and Savings account
• FLEXCUBE Universal Banking Retail and Small and Medium Enterprise Loans
• FLEXCUBE Universal Banking ATM Interface • FLEXCUBE Universal Banking Point of Sale Interface • FLEXCUBE Universal Banking Integration Gateway
The complex nature of the implementation was not the only challenge the Oracle team faced. Having to deal with multiple stakeholders in different locations, and managing the integration between project participants and vendors in different geographies such as Colombia, Chile and India is a common challenge in multi-country implementations, and something that the team had to overcome. Co- ordinating and motivating the team in different
However, Oracle leveraged its experience of having implemented many multi-country, multi-location deployments. Daily review sessions to identify risks and gaps, as well as monthly steering committee meetings with all stakeholders helped keep things on track. The adoption of a risk mitigated phased approach for the implementation enabled effective resolution of challenges and risks in a timely manner.
During the implementation, the Oracle team identified multiple business scenarios which could be enabled within the FLEXCUBE system. This helped the bank centralise many processes through it, enabling the FI to take advantage of the multi-functional capabilities of the system, without the need for wholesale changes to existing operational processes. A rigourous testing process and phased migration procedure helped ensure minimum post production issues.
Throughout the process, the level of co-ordination between the two teams was high, with the bank’s leadership team and steering committee playing a key role in ensuring a smooth transition to the new system. The FI is now targeting one million current accounts in Chile and says it is on target to exceed this. Since launch, it has seen a 43% increase in assets and 42% increase in liabilities.
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