Oracle Customer Success — ConnectOne Bank

ConnectOne Bank

ConnectOne Bank Delivers Personalized Service and Manages Business Growth

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Thanks to Oracle, we now operate in a more flexible and scalable environment that allows us to make business decisions that reduce risk, cut costs, and drive increased profitability as the company continues to grow. Additionally, our customers will benefit from more tailored service.

— Neil Martucci, Senior Vice President and Controller, ConnectOne Bank

ConnectOne Bank Ensures Quick and Easy Loan Application Processes and Personalized Service with Cloud Solutions

Built on a history of addressing its customers’ needs, ConnectOne Bank understands that little things matter and focuses on those things when providing financial products and solutions to help its clients achieve financial prosperity.

People consistently turn to ConnectOne Bank for rapid, reliable banking focused on their needs. As the bank grew, it knew it needed to ensure its clients would continue to enjoy the same level of fast, personalized service. As a result, ConnectOne Bank worked with Oracle and IBM Global Business Services to automate and digitize its financial processes using cloud solutions—ensuring optimum business agility and an improved customer experience.

 
Challenges
  • Streamline and automate critical, manually-intensive processes to ensure data integrity and enable ConnectOne Bank to meet stringent auditing and regulatory requirements
  • Grow the ConnectOne Bank brand and maintain the high standards to which customers have become accustomed, and ensure the bank’s management receives information on a timely basis to ensure it can make quick and effective business decisions
Results
  • Cut seven days from monthly closing and saved weeks on regulatory and U.S. Securities and Exchange Commission reporting, helping staff to focus on providing bank customers an improved experience
  • Eliminated manual intervention and integrated ConnectOne Bank’s systems to ensure data integrity, helping it to save 17 hours of work monthly on checking its figures
  • Enabled the bank’s finance team to focus more on understanding data instead of maintaining it—helping the bank to gain deep and rapid insight into areas such as the profitability of each product, service, branch, and customer—ultimately informing high-level decision-making to help drive continued growth
  • Provided external auditors with accurate information rapidly, which is essential as all banks are under very close scrutiny and up against tight deadlines when it comes to public accountability
  • Sped up audits by 10%, saving ConnectOne Bank thousands of dollars annually in auditor fees
  • Built interfaces from ConnectOne Bank’s core banking system ledger to a much more robust chart of accounts in Oracle Financials Cloud—improving processing for accounts payable as well as granularity on general ledger reporting
  • Enabled employees to quickly generate reports and drill down into data in ways that were previously impossible or excessively time-consuming
  • Helped, in collaboration with IBM Global Business Services, the bank to introduce extensive process automation—for example, all systems are automatically updated with figures from each day’s activities, eliminating the need for time-consuming, error-prone manual data transfer
  • Ensured that ConnectOne Bank is better equipped than ever to understand and react to its clients’ individual needs and seamlessly, effectively, and efficiently manage continued growth to sharpen its competitive edge in the financial services industry
  • Eliminated the need to build and maintain a data center—ultimately ramping up scalability and allowing ConnectOne Bank to continue operating a lean IT team as its business continues to grow

 

Choosing IBM Global Business Services and Oracle was an easy decision: they offered the perfect combination of technology and expertise. We know that Oracle will continue to invest in and enhance its cloud-based solutions, and IBM’s experience from other banks will help us optimize our processes.

— Neil Martucci, Senior Vice President and Controller, ConnectOne Bank

Execution

The Oracle project was driven primarily by ConnectOne Bank’s finance and IT departments, and approved by an executive steering committee.

The IBM team helped ConnectOne Bank to completely redesign its business processes based on the Oracle solutions. The Oracle Database, purchased as a database-as-a-service offering, acts as a central data hub supporting multiple finance applications—including Oracle Financials Cloud and Oracle Planning and Budgeting Cloud Service.

In the future, ConnectOne Bank plans to use Oracle Planning and Budgeting Cloud Service connected with Oracle Business Intelligence Publisher to look at where its customers are based, which pricing strategies work well with each customer segment, and which promotions are most effective in which areas, so the bank knows where to focus its efforts.


About ConnectOne Bank

Headquarters

 
Englewood Cliffs, NJ, United States

Annual Revenue

 
US$152 million

ConnectOne Bank is built on a history of connecting to its customers’ needs. The bank understands that “little things matter” and focuses on those things when providing creative financial products and customized solutions to help its clients achieve financial prosperity for themselves, their family, and their business. Its ultimate goal is to create life-long partnerships with customers by making sure that each day ConnectOne Bank focuses on a singular objective—to be “a better place to be” for its customers, its communities, its employees, and its shareholders.

Partners

“The IBM team assessed our internal needs and mapped out everything that needed to be done—discussing every report that would need to be rebuilt and advising us on ways to redesign processes based on industry best practices. IBM guided us through the implementation, and trained our staff to use the new applications.” Martucci said.

Published:  Jan 11, 2017