Monday, 12th June 2017, Colombo: DFCC Bank and Synapsys along with their partner Oracle recently launched the Oracle Planning and Budgeting Cloud Service together with a Customer Profitability Analytics (CPA) system, which is built on Oracle's leading platform.
In doing so, DFCC became the first bank in the ASEAN region to implement cloud-based planning and budgeting services and the first bank in Sri Lanka to implement a product on the Oracle Cloud.
In today's reality of shorter budgeting cycles with higher demands for accuracy and efficiency, the solution improves overall performances and refines responses to market volatility. Supporting the key operational areas of IT and Finance, the Oracle Cloud eliminates capital expenditure on hardware and reduces support costs and upgrades.
Furthermore, even though data safety is ensured with the tight security available on the Oracle Cloud, in keeping with local regulations, customer information will be stored within the Bank's servers and is therefore confidential and secure.
The Planning department of DFCC, entrusted with planning and budgeting resources across branches and departments to offer a wide range of products and services drives the Oracle planning & budgeting solution to benefit the entire Bank.
The Customer Profitability Analytics (CPA) system on the other hand consolidates customer information across multiple systems at DFCC, giving decision-makers a 360-degree view of the customer, which is every bank's aspiration - but very few achieve.
As a result, the Bank will have better customer information and insights leading to a positive impact on developing durable customer relationships and customer linking capabilities. Further, it will also improve employee productivity and enhance the overall productivity of the bank while managing risk and regulatory thresholds.
Built on Oracle Business Intelligence technology it was implemented jointly by the Integrated Risk Management unit of DFCC Bank and Synapsys. With DFCC's transformation into a fully-fledged commercial bank, and the expected growth of the network, Synapsys solution & Oracle platform will help the Bank to offer customers enhanced financial solutions more efficiently.