Al
Rajhi Banking and Investment Corporation deploys Oracle
Posted: 29 June 2003
Oracle Corporation, the world’s largest enterprise software
company, today announced that Al Rajhi Banking and Investment Corporation,
one of Saudi Arabia’s largest financial institutions, has
completed the deployment of Oracle Financial Services Applications,
part of the Oracle E-Business Suite specifically designed for banks
and financial institutions.
This project adds to Al Rajhi’s comprehensive efforts to
better understand customer behaviours and preferences while increasing
the accuracy of the bank’s profitability forecasting process.
Al Rajhi will utilize Oracle Financial Data Model, Performance
Analyser, Transfer Pricing, as well as Budgeting and Planning modules
of the Oracle Financial Services Applications to gain insight into
customer segment, channel and product profitability.
This enables the bank to optimize its portfolio of services, service
delivery channels and customer profiles for improved customer service
and enhanced performance.
Consistently ranked in the top three banks in the Gulf Cooperation
Council (GCC) countries for total profits, net return on shareholders'
equity, and net return on assets, Al Rajhi is increasingly focused
on linking its planning processes to day-to-day performance, and
creating services that more closely match ever changing customer
needs and expectations.
The new Oracle business intelligence solution will collect and
manage data from Al Rajhi’s more than 378 branches and 845-machine
ATM network, for a comprehensive customer analysis framework.
“In order to maintain our market leadership, Al Rajhi Bank
is now capable of understanding and analysing banking transactions
and customer information we have at our disposal — it’s
not enough to just collect data, we must analyze it to better serve
our customers’ needs,” stated Saeed Al Ghamdi, Deputy
General Manager, Al Rajhi Bank.
“The Oracle Financial Services Applications enable Al Rajhi
Bank to optimise its products and services to better meet customer
needs while increasing customer and shareholder value,” continued
Al Ghamdi.
“Al Rajhi has taken a bold step to enhance its ability to
differentiate itself not only in terms of customer focus but also
in terms of operational performance. The new Oracle solutions deployed
by the bank give its executives more accurate and up to the minute
analysis and analytical business reports providing a deeper level
of understanding of the entire business. This enables Al Rajhi to
meet their objectives of being more nimble and agile,” stated
Husam Dajani, Oracle’s VP for the Middle East region.
The project was implemented by Oracle partner Advanced Computer
Technology (ACT) who has a long experience in implementing Oracle
Financial Services Applications. “It is exciting to think
of all the business benefits that will be gained by Al Rajhi as
a result of this project” commented Mr Ibrahim Yah, Deputy
General Manager of Advanced Computer Technology, “Our unique
experience with the financial services industry and with Oracle
Financial Services Applications enables ACT to successfully implement
complex projects like that of Al Rajhi”
Oracle E-Business Suite
The Oracle E-Business Suite is the industry's first integrated
suite of Internet business applications that automate critical business
processes, offering customers unprecedented choice and flexibility
in implementing business applications. Its open architecture and
single data model allow applications to be deployed as individual
modules, business flows, or as an entire integrated suite. The Oracle
E-Business Suite could be deployed on the customer infrastructure
or as an outsourced service.
About Al Rajhi Bank
Al Rajhi Banking and Investment Corporation is a major name in Saudi
Arabia's banking and business world. It has grown from a strong
base, focusing on serving the needs of the nation and its citizens,
contributing to the Kingdom's construction and development, and
always operating within the framework of Shariah principles. Al
Rajhi Banking and Investment Corporation is one of the largest joint
stock companies in the Kingdom, with a paid up capital of SR 2,250,000,000.
The bank’s head office is located in Riyadh, with six regional
offices. More information can be found on Al-Rajhi Bank site at:
www.alrajhibank.com.sa
About Oracle
Oracle Corporation is the world's largest enterprise software company.
For more information about Oracle in the Middle East see www.oracle.com/me.
Posted by Richard Price,
Editor Pipeline Magazine
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