Oracle today announced that UAE-based RAKBANK (National Bank of Ras Al Khaimah) has selected Oracle Fusion Cloud Applications Suite to make its business processes seamless, efficient and fit to support the bank’s rapid growth plans. With an integrated suite of cloud applications to manage finance, HR, and Supply Chain processes, RAKBANK will be able to optimize costs, enhance efficiency, sharpen decision-making and increase productivity as it expands its operations.
Established in 1976, RAKBANK is one of the UAE’s oldest financial institutions. RAKBANK offers a complete suite of banking services catering to its customers across Personal, Business and Wholesale banking segments. In line with the strategy and to aid its digital transformation journey RAKBANK opted for a unified business platform that would streamline finance and planning processes, improve operational efficacy, and support its complex supply chain and procurement needs. The bank has decided to partner with Oracle Fusion Applications for its ability to connect and standardize core business processes on a single data platform and leverage embedded AI from within the applications.
“The partnership with of Oracle Fusion Applications is a key milestone for us in our journey to truly become ‘a digital bank with a human touch’ as we look to digitize and scale our business, attract, and retain the best talent, and innovate with cutting edge technological solutions for our customers,” said Mridul Baberwal, Deputy Chief Financial Officer, RAKBANK. “A more efficient and flexible business operation is a critical foundation for us to grow and diversify as we continue to deliver against our strategy. Oracle Fusion Applications gives us an integrated suite of business applications that enables us to respond swiftly to changing market conditions, maintain our competitiveness and scale our business at the pace we require.”
With Oracle Fusion Cloud Enterprise Resource Planning (ERP), RAKBANK will be able to eliminate manual processes, accelerate financial reporting, and improve financial controls by consolidating financial data across the business. Oracle Fusion Cloud Human Capital Management (HCM) will help RAKBANK centralize HR operations on a single platform to simplify processes, generate better workforce insights and improve the employee experience. Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) will help RAKBANK optimize supply chain planning, optimise costs, and improve customer service.
“With rapidly evolving customer expectations and a changing regulatory landscape, financial institutions are prioritizing cloud-led transformation to succeed in the AI era,” said Leopoldo Boado Lama, senior vice president, Business Applications, ECEMEA, Oracle. “This major transformation with Oracle Fusion Applications will help RAKBANK bring consistent processes and a single source of truth across its most important business functions, enabling it to react to change faster and succeed in a highly competitive market.”
