RIYADH, 22 July 2003 — Oracle Corporation announced that Al-Rajhi Banking and Investment Corporation has completed the deployment of Oracle Financial Services Applications, part of the Oracle E-Business Suite specifically designed for banks and financial institutions. The project was implemented by Oracle partner Advanced Computer Technology (ACT). This project adds to Al-Rajhi’s comprehensive efforts to better understand customer behaviors and preferences while increasing the accuracy of the bank’s profitability forecasting process.
Al-Rajhi will utilize Oracle Financial Data Model, Performance Analyzer, Transfer Pricing, as well as Budgeting and Planning modules of the Oracle Financial Services Applications to gain insight into customer segment, channel and product profitability. This enables the bank to optimize its portfolio of services, service delivery channels and customer profiles for improved customer service and enhanced performance. The new Oracle business intelligence solution will collect and manage data from Al-Rajhi’s more than 378 branches and 845-machine ATM network, for a comprehensive customer analysis framework.
“Al-Rajhi Bank is now capable of understanding and analyzing banking transactions and customer information we have at our disposal. It’s not enough to just collect data, we must analyze it to better serve our customers’ needs,” stated Saeed Al Ghamdi, deputy GM, Al-Rajhi Bank. “The Oracle Financial Services Applications enable Al-Rajhi Bank to optimize its products and services to better meet customer needs while increasing customer and shareholder value.”
Arab News Compunet 22 July 2003
