Flexcube Corebanking

Globalization post 90s opened floodgates for international banking players in the Indian
Market. International standards started percolating. Competition from foreign banks was on
the rise. Citibank, ANZ Grindlays made inroads in the banking sector with their swanky
offices and technology never before seen in India. Indian banks were at cross roads. There
was an imperative need for a major technological push. The automation that was mainly
maintenance centric, needed to evolve into a customer centric one. Single branch banking to
any branch banking was not a choice but necessity. Scouting for core banking solution with
a centralised database was at the top of actionable items for the banks. The best known
application at that juncture was BankMaster of Kindle, an Irish Company. State Bank of
India was the main user of the application in India. During the latter part of the 1990s sales
of BankMaster declined - whilst the Bankmaster solution set was considered to be
functionally rich, the core technology had been allowed to become obsolete

In India, migration from Total Branch Automation to Total Bank Automation had lots of
challenges. Integrated online transaction posting application with a centralised database had
serious constraints in infrastructure, investment considerations and availability of knowledge
workers. The movement took nearly 10 years and only in early 2000s, banks moved to core
banking solutions.

The major players in the market at that time were two Indian companies, Infosys and CITIL
(Citicorp Information Technologies Industries Ltd) . Finacle is a synergy of bankers and
software knowledge workers put together in a garage by the then startup Infosys, which is a
classic story of rags to riches. Flexcube on the other hand was developed as solution for
internal consumption of Citi Bank.

Oracle, a software major, was looking for a vertical specific growth strategy. The Citigroup at
that time was on a `sell mode' and found the perfect buyer in Oracle. The deal was stuck in
2005. CITIL was taken over by Oracle and in 2008 it became Oracle Financial Services
Software Limited (OFSS). By 2013, i-flex became a truly global product with 575 user banks
in 115 countries

The antecedents of Oracle Financial Service Software carrying the popular acronym OFSS,
reveals one of the greatest success stories of Indian Software hegemony. At the top of the
family tree was Citicorp Overseas Software Ltd ((COSL) ). In 1990, the company was just a
cost centre addressing the internal requirements of Citi Bank. Looking beyond organic
growth, COSL became Citicorp Information Technology Industries Ltd (CITIL) with a
mandate to grow profitably and globally. In the mid-90s, CITIL developed FLEXCUBE as a
product at its Bangalore GDC (Global Development Centre). After the launch of FLEXCUBE,
all of CITIL's transnational banking products were brought under a common brand umbrella.
Subsequently, company's name was changed to i-flex Solutions India Ltd.,

Oracle FLEXCUBE Universal banking (flagship product of OFSS) is a comprehensive Core

Banking suite for Global Banks. It provides end-to-end functionality across conventional
banking as well as Islamic banking. It provides centralized product configuration, processing,
and servicing. It has open development tools which helps banks and Oracle partners to
create and customize user interfaces.
Oracle Financial Services Software Ltd has 14 development centres across India, Singapore
and the USA. The Company has a strong global reach with a sales, marketing and support
presence in 27 overseas locations operating across four subsidiaries. In addition, 30
corporate business partners and 32 implementation partners represent i-flex across the
globe.

The three pillars of Flexcube are:

A very user friendly UI
Roll out much simpler and requires lesser manpower
Matured ecosystem of implementation and support partner organizations

Awards:
CEB TowerGroupCX/CRM Solutions for Banking
Oracle was ranked Best in Class in all four categories. Oracle Financial Services
Customer Insight was part of this submission, along with Oracle CX solutions.
GartnerLeader Magic Quadrant for International Retail Core Banking, 2015
IDC MarketScapeWorldwide Core Banking Solutions 2015 Vendor Assessment
Global Providers for European BanksMajor Player
Forrester Vendor LandscapeInternational Banking PlatformsOracle Is a Key
International Banking Platform Vendor (OBP), September 2015

Oracle Financial Services Software Limited (OFSS) has clients in 145 out of the total 196
countries in the world. Oracle Financial Services Software suite of products are used by
following banks in India

HDFC Bank Lakshmi Vilas Bank

Canara Bank Syndicate Bank

Yes Bank Karur Vysya

In 2016, Oracle Financial Services Software has been identified as the No.2 solution among
9 top applications by Forrester, an independent technology and market research company.
The shares are listed today at Rs.3507 at Bombay Stock Exchange, a figure way ahead of
market value of TCS and Infosys.

OFFS is one of the matured and respected player in the sphere of global banking solutions.
The churn in technology is perpetual and the goal post is ever shifting. BankMaster is now
a dinosaur. Finacle, OFSS, FIS, are in the top tier of the competition as of today. In the final
analysis, It is more about fighting to stay afloat for an unknown tomorrow than the knowledge
of today. OFSS seems to have been engaged with a focus for the emerging scenario. OFSS
with their strong international presence, has a ringside view of the rapidly changing
environment. The industry will be watching as to how it pans out in the coming years.

Refer the suite of products of OFFS in the appended table. For the discerning customer, it is
a one stop shop for all bank requirements.