When Ethiopia’s Abay Bank launched operations in 2010, it committed itself to being one of the region’s premier banks. To achieve that vision, the bank needed a best-in-class IT infrastructure.
As the bank grew, its initial core banking system strained to complete daily and monthly financial reconciliation during the overnight hours. The process often spilled into the next day, disrupting operations. In addition, digital banking is a vital part of Abay’s growth strategy. However, its legacy third-party internet and mobile banking applications needed upgrading in order to deliver the performance that customers increasingly demand.
We have built our business on Oracle and Oracle Financial Services solutions. They are essential to our strategy of selecting the very best solutions to advance our goal of becoming the region’s premier bank.
IT Director, Abay Bank
Abay Bank upgraded its Oracle FLEXCUBE Universal Banking implementation to a newer version after 10 years and also deployed Oracle Banking Digital Experience, which provided superior functionality, integration, and security, while offering strong licensing value. Also, the products are easy to maintain and operate.
With the upgraded and new solutions, Abay Bank has boosted operational efficiency. It completes end-of-day close 60% faster. In addition, the bank can complete end-of-month reconciliation rapidly, ensuring that it can open for business on time.
Customers took note of the changes in branch service and digital banking availability—providing positive feedback in recent customer surveys.
The upgraded environment also gives Abay Bank’s IT team more time to focus on innovation instead of spending valuable time and resources on maintaining an outdated version of their core system.
The bank plans to continue to build on its Oracle ecosystem—which also includes Oracle SPARC servers, Oracle Database, Oracle Fusion Middleware, and Oracle Business Intelligence. It is implementing Oracle Financial Services Anti Money Laundering and will be one of the first banks to go live on Oracle Banking Digital Experience Wallets.