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SeABank

Oracle Customer Success

SeABank achieves unified, modern finance with Oracle

Summary

One of Vietnam’s top private-sector banks deploys Oracle Integrated Finance Transformation to streamline operations and boost profitability.  

Business challenges

To continue its growth trajectory and profitability, SeABank has committed to increasing transaction and reporting transparency, customer experience, and operational efficiency. In addition, an ever-changing regulatory climate requires significant process change. The bank knew that the right technology would be fundamental to achieving this change.

Technology is a key factor in our commitment to finance transformation and complete transparency for our customers. Oracle Integrated Finance Transformation suite equips us to streamline functions, ensure a 360-degree view of our finance operations, deliver new customer experiences, and prepare for regulations, such as IFRS 9.

Nguyen Thi Thu Huong

Deputy General Director and CFO, SeABank

Why SeABank Chose Oracle

The bank wanted an integrated solution, and Oracle Financial Services Risk and Finance suite delivered fully on that fundamental requirement. SeABank chose Oracle Financial Services Funds Transfer Pricing to accurately define the cost of funding its operations—a key component of the profitability analysis across products, channels, and business lines that the bank wanted to achieve. The bank then continued to build on Oracle Financial Services Data Foundation to seamlessly deploy Oracle solutions for asset liability management, profitability management, and compliance with the IFRS 9 accounting standard.

Results

With Oracle Integrated Finance Transformation suite, along with the OFSAA modules, SeABank achieved a 360-degree view of its finance function.

It can now complete critical account, product, and customer profitability analysis in hours instead of days. It also can understand net interest margin at the most granular level and has centralized interest rate risk to boost profitability.

By selecting an integrated solution that leverages a common data foundation, the bank also has reduced unnecessary overhead costs associated with implementing separate systems for asset liability management, liquidity risk management, and the IFRS 9 banking standard.

In addition, customers can now easily open an online account without having to go to the bank and can complete money transfers free of charge. SeAMobile Digital Banking delivers rapid transaction processing across all computer platforms and mobile devices, enabling customers to pay essential bills and make purchases conveniently and safely―anywhere, anytime.

The bank is also using Oracle applications to comply with the IFRS 9 standard, specifically requirements for hedge accounting.

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Published: July 1, 2021