Background
Novo Banco is the result of efforts to save the assets of the distressed Bank Espirito Santo, which was one of the leading banks in Portugal. Novo Banco is the third largest bank in Portugal, with about 1.3 million clients, and 21% of the loan market share in the country.
The Challenge
The efforts to rescue the assets of the distressed Bank Espirito Santo required the cutting of operational costs and increasing productivity. Novo Banco decided to achieve this by an upgrade and migration of information from FlexCube UBS version 7.1 to version 11.1 for its offices in Venezuela and Macao, with SirmaBC performing the following services:
The Solution
The project started with the Sirma service of “IT Consulting and Integration”. An upgrade of the Oracle FLEXCUBE core banking system was deemed necessary. Sirma executed the core system upgrade, migration and implementation to FC v.11.1, the migration of all interfaces and the migration of all Business Objects (BO) reports to Oracle Business Intelligence Enterprise Edition (OBIEE). Specific interfaces and modules were developed for the Bank, namely the Kondor+ online interface for MM contract input, the ATM Switch on online debit card transaction interface, the SWIFT interface and the WebServices notification system. Then Sirma developed and installed the Cheque Clearing application.
Novo Banco was now on its way to efficiency.
The Result
The whole migration was finalized in only 3 months in real-time. As a result, the serviced cheques increased by 17%, the operations’ efficiency increased by 22% and the cost per transaction decreased by 26%. All these only in the first year of operations.
The priority will go to the programs included in the digitalization circle, which will permit to transform the NOVO BANCO Group into a customer-centric, straightforward and low-risk multi-channel provider with a strong digital component.
From Novo Bank, Annual Report 2018
More information
Find out more about Novo Banco, visit their site.
To find out how technology can transform your financial institution, visit:
Core Bank Oracle FLEXCUBE upgrade
IT Consulting and Integration in Finance
