The FINANCIAL — PASHA Bank OJSC, one of Azerbaijan’s largest banks, has announced on October 12 that it has selected Oracle FLEXCUBE to improve its go-to-market time for new products, reduce operational costs and drive growth internationally. The decision is a key component it achieving the bank’s long-term regional goal of creating interconnected banking operations in Azerbaijan, Georgia and Turkey.
PASHA Bank’s goal of becoming one of leading financial institutions of the region required a core banking solution that would enable it to compete effectively internationally as well as in its domestic market, while still reducing its operational costs.
The bank selected Oracle’s FLEXCUBE Universal and Direct Banking solutions to provide a single platform that would allow it to work seamlessly across its entire geographic footprint, and to roll-out new products quickly to meet changing demands in the market, according to Oracle.
“The region that PASHA Bank and its subsidiaries operate in is changing rapidly,” said Taleh Kazimov, CEO, PASHA Bank. “Our locale is working more closely than ever before, with many organizations spreading their operations out from Azerbaijan into Georgia and Turkey. We need to ensure that we can provide them with infrastructure that supports this expansion. We selected Oracle to revolutionize our core banking systems as the solution provided us with the flexibility and scalability we require to meet the demands of our customers.”
Alongside supporting PASHA Bank’s corporate offering, Oracle was also selected to help it grow its retail operations. Working with local partner, DATAS, Oracle was able to implement a solution that met the needs of both aspects of PASHA Bank’s business.
“With the rapid evolution in digital and the associated rise in customer expectations the banking industry is at a critical juncture,” said Chet Kamat, Senior Vice President, Banking Products at Oracle. “Banks need to embark on an accelerated IT and business transformation to enable them to drive competitive differentiation. Oracle FLEXCUBE is the ideal solution to meet the innovation and expansion objectives of PASHA Bank, while driving agility in operations, flexibility in business and enhancing return on investments. We are glad to be a partner in PASHA bank’s journey.”