The reserves of German welfare institutions were exhausted after World War I due to high post-war inflation. These organizations collaborated, and in 1923, founded a lending institution for all bodies, known as “Kreditanstalt für die gesamten Wohlfahrtseinrichtungen” (credit institute for all welfare institutions)—known today as Bank für Sozialwirtschaft AG (BFS). Its purpose was and remains to grant loans to nonprofit welfare institutions, manage their savings, and provide them with financial and economic advice. BFS put in place a sustainable business model that it still uses today, in which profits are either reinvested in the bank or donated to charity. Its majority shareholders are still the central associations of the independent charitable bodies, regional charitable associations, and nonprofit organizations in Germany. BFS remains the only financial institution in the country that focuses solely on institutional clients in the social and healthcare sectors.
“We have a long relationship with Oracle and run our critical business applications on Oracle technologies—databases, servers, and storage systems. The main competition for Oracle’s Pillar Axiom was EMC’s VNX 5300 product line. We chose Pillar Axiom 600 because of the system’s ability to prioritize databases based on workload and its native support for Oracle Database, including Hybrid Columnar Compression,” said Thomas Beneke, SAP system technology manager, Bank für Sozialwirtschaft AG.