By taking advantage of Oracle Cloud ERP and Oracle Cloud EPM, this century-old bank gains a single source of truth to better serve customers.
“Oracle Cloud ERP features make our applications more streamlined and user-friendly. They also take the burden off of our IT staff to manage Oracle Cloud ERP servers. The infrastructure is fast, powerful, and secure, and we have a high level of confidence in the system’s stability.”
Siam Commercial Bank (SCB) was established by royal charter as Thailand’s first bank in 1906. Today it is the third-largest bank in Thailand. The bank’s top priority is to create sustainable growth and help customers who have been affected by the pandemic. To accomplish these goals and remain relevant in a rapidly changing banking environment, SCB is focusing on developing digital banking capabilities to attract and deepen customer engagements.
The bank upgraded its technology for the digital age, and developed a new mobile banking tool that it calls SCB Easy App. In addition, the bank helped nurture growth of a cashless society by developing a payment system using the Bank of Thailand's QR code system.
While maturity has its advantages, it also comes with challenges. Siam Commercial Bank’s legacy system was too old and not fully integrated with other internal financial systems. It needed to build a single global platform to integrate its financial management, planning and budgeting, financial risk, treasury, and performance functions with its legacy data source.
Why Siam Commercial Bank Chose Oracle
As a longtime Oracle customer, SCB recognized that Oracle Cloud solutions were mature, tested, and proven. So SCB was confident that Oracle Fusion Cloud ERP and Oracle Cloud EPM were the right choices to rebuild its platforms as a consolidated cloud system, creating a single source of truth. A single cloud helps speed up consolidation statements, daily profit-and-loss reports, and other records that the bank must generate.
With Oracle Cloud solutions in place, the bank now combines the best of banking traditions with the nimbleness of a fintech startup. SCB saw significant improvements in accounts payable, such as better governance and control, along with a reduction in the number of days payables are outstanding. Oracle Cloud ERP now makes the applications more streamlined and user-friendly, and the intuitive experience allows the bank to complete payment processes in just a day. Paper documents have been eliminated, helping speed up back-office functions.
Account reconciliation also improved, with an hourlong process trimmed to 10 minutes. This helps accounting teams access critical data faster. Oracle Cloud ERP also allows the bank to see efficiencies in back-office accounting and procurement functions to streamline the end-to-end budget and financial control process.
SCB and Deloitte teamed to deliver a solution that is built to help the bank evolve and stay ready to navigate disruption.