Housing Finance Bank Moots For Digital Transformation

Housing Finance Bank is to deploy the Oracle Banking suite, leveraging next-generation banking technology to enhance digital core capabilities and deliver convenient service to customers.

According to Michael K Mugabi, the Housing Finance Bank Managing Director, the bank is drawing on JMR’s expertise in the Oracle banking suite and industry-leading Oracle FLEXCUBE technology.

“Housing Finance plans to accelerate digital initiatives, deliver new customer solutions to the market faster, and achieve an overall improvement in service delivery”, he said while addressing a press conference at the bank’s head office in Kampala on Tuesday.

He said the Oracle Banking suite with its micro services, API-ready platform, and short implementation time, fit perfectly into their technology roadmap and growth strategy.

“This new platform integrated with multiple existing systems will offer a full stack of banking capabilities that will help Housing Finance Bank enhance the Customer experience, drive performance improvement, and grow the Bank’s overall Business,” he added.

He added that; Housing Finance Bank will be implementing Oracle Banking Payments, Oracle FLEXCUBE, and Oracle Banking APIs from the Oracle Banking suite, along with an Enterprise Service Bus Middleware.

Jason Maingi, Banking Sales Director, Oracle Financial Services, said JMR Infotech will be the prime integrator working with the Bank to implement the new platform.

He said this will include the migration of apps, offerings, and customers from the current system.

“With its eyes firmly planted on the future of customer service and innovation, Housing Finance Bank’s planned implementation of our Oracle FLEXCUBE technology will put them in a position to pull ahead in the competitive Ugandan market,” he said.

On his part, Amitava Sanyal, Vice President, Head Middle East & Africa JMR Infotech, said: “ I am sure that together we will be able to put justice to the selection and work closely with the project teams to ensure we deliver on time as well as see significant improvements.”

Oracle Banking is a suite of financial services applications that enable banks to offer a complete set of digital banking services to customers.

The suite includes the digital core and applications for retail and corporate banking, real-time payments, and digital experience.

Built on microservices architecture with 3000 plus open banking REST APIs, the suite makes it easy for innovators like Housing Finance Bank to plug in additional Oracle and third-party services when they need them.