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London, United Kingdom, 2015/01/14 - Oracle FLEXCUBE on Managed Cloud Services provides new UK bank with modern technology platform to accelerate innovation, reduce risk and lower costs - Oracle.com. NYSE, NASDAQ: ORCL
A recent performance test of Oracle FLEXCUBE on Oracle’s SPARC T5 servers with Oracle Solaris demonstrated that the banking solution can enable banks with between 1 and 3 million accounts to deploy Oracle FLEXCUBE at up to 2.3 times lower cost than an IBM POWER configuration. 1 Testing also demonstrated up to 4.5 times shorter deployment times when using the new Oracle Optimized Solution for Oracle FLEXCUBE.2
Hampden & Co., a new UK private bank scheduled to open in the first quarter of 2015, has chosen Oracle FLEXCUBE on Oracle Managed Cloud Services to provide a comprehensive, modern, highly secure, and compliant digital banking platform that is scalable in-line with business growth. Using Oracle Managed Cloud Services with Oracle FLEXCUBE will enable Hampden & Co. to deliver enhanced, personalized products and services by aggregating and managing data from multiple sources to better understand customer requirements. Additionally, having Oracle experts manage Hampden & Co.’s cloud-based IT infrastructure will allow the bank to focus business resources on innovation while operating at peak efficiency, with IT systems that are readily available, secure and up-to-date.
Hampden & Co. is an early entrant to the rapidly expanding UK challenger banking market, providing greater choice to customers.
Hampden & Co. selected Oracle FLEXCUBE to manage its core banking, direct and mobile banking operations from a shortlist of three potential solutions, following a comprehensive IT system selection process.
Hampden & Co. will benefit from significantly lower operational costs by running Oracle FLEXCUBE via Oracle’s UK data center based in Linlithgow, Scotland.
Oracle’s proven applications and technology, coupled with the experience of Hampden & Co.’s executive management team, will play a significant role in helping the bank meet today’s rigorous compliance requirements outlined by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
Hampden & Co. will benefit from Oracle’s rapid deployment model for Oracle FLEXCUBE on its managed cloud, with business go-live due for the end of Q1 2015.
“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,” said Graeme Hartop, CEO, Hampden & Co. “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.”
“Hampden & Co. joins the Oracle family as the first UK bank to leverage core business cloud applications delivered from Oracle’s UK cloud facilities,” said Senthil Kumar, vice president, business development, Oracle Financial Services. “The leadership team at Hampden & Co. have done a remarkable job in completing their mobilization phase on time and readying the bank for business. We are pleased to be serving this new UK private bank that has placed Oracle at heart of its business model.”
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About Hampden & Co.
Hampden & Co. is an independent private bank established by a team of experienced bankers who understand that many successful and wealthy people still require a very personal banking service that is harder to find in the marketplace today.
The bank expects to welcome its first clients during the first quarter of 2015, and from its offices in Edinburgh and London, will aim to build lasting relationships founded on the basic principles of honesty, integrity and fairness, caring for the individual, their families and business interests.
Hampden & Co. will concentrate solely on the provision of banking facilities and its business will be based on a traditional and conservative model. In particular, it will not set sales targets for its bankers, in order to ensure that the best interests of its clients are never compromised.
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Contact: CMG Team
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