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China’s Ping An Bank has initiated programs to improve its product development time using better core banking solution and technology platform.
Jointly with Oracle Financial Services Software, both announced that globally successful core banking solution, Oracle Flexcube, has been implemented at Ping An Bank.
Oracle Flexcube enables bank users to update and amend product offerings quickly, helping the bank to offer new and innovative products to the market ahead of the competition.
In the past, development of new products had to be scheduled through IT processes, which took months or up to a year to complete. With Oracle Flexcube, product development has been reduced to only a few weeks.
The implementation was completed in a record timeframe of 18 months.
Xie Yonglin, Vice President, Ping An Bank, said: “Business transformation led by technology and process is essential for financial institutions to improve service levels, operational performance, management capability and competitive advantage. The successful operation of the new core system was not only proof of our strategy for the project implementation, but also showcased our excellent spirit of team work. Ping An’s corporate culture has been well displayed and greatly enforced in the project.”