Meezan Bank is the pioneer of Islamic banking in Pakistan with more than RS 10billion paid up capital. They are one of the fastest growing financial institution in the country that delivers conventional & Islamic banking services to their customers. Now they have decided to install Oracle Exadata Database Machine in all of their banking branches to positively transform the process of banking transactions. By doing so they can effectively reduce their data center footprints in their core banking database. Up till now they are using third party software for their core banking operations but that is a costly solution.
The Benefits of Oracle Exadata Database Machine
BY implementing this efficient and advanced technology so as to provide effective financial services to their customers at much lower cost Meezan bank can improve their standard of operation. Overall business cost will be reduced as the bank has not to pay again & again for licensing of their software. That will help them to be more competitive in the market and get the attraction of new users. By lowering the operating cost & total cost of ownership bank can save a significant amount of budget that they can use for some other beneficial aspects. Their overall Islamic as well as conventional banking services will be more refined and users will be more attracted towards these.
As per the CIO Meezan Bank; Faizur Rehman, “We needed a highly available and high performance platform to host our core banking application supporting our rapid business growth and branch network expansion while keeping administrative tasks and operating expenses to a bare minimum”. So obviously this system will surely help them to get the benefit of improving their internal processing systems and procedures. Meezan bank country sales director also endorse the opinion of their CIO about the adoption of this new technology. As per his views, almost all the banks in Pakistan are now start adopting this technology of Oracle Exadata Database & we hope that this change will surely help us to get maximum benefits in terms of customer retention and optimization of service.
For any financial business it’s always beneficial to stay ahead of their competitors and that will be only possible when they will adopt innovative & modernized tools. By doing so they could be easily able to maintain the reliability of their servicers. As the bank is also renowned for its Islamic banking services so implementation of new technology will be so helpful for them to earn more from this specific financial segment.