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Leading UAE bank consolidates, finance, HR and Supply Chain processes in the cloud<\/p>\n
\u00a0<\/strong><\/p>\n Ain Alalam – Rashad Iskandrni<\/strong><\/p>\n Oracle today announced that\u00a0UAE-based\u00a0RAKBANK<\/a>\u00a0(National Bank of Ras Al Khaimah) has\u00a0selected\u00a0Oracle Fusion Cloud Applications Suite<\/a>\u00a0to\u00a0make its\u00a0business\u00a0processes\u00a0seamless, efficient\u00a0and fit to support\u00a0the bank\u2019s rapid\u00a0growth plans.\u00a0With an integrated suite of cloud applications to manage finance, HR, and Supply Chain processes, RAKBANK will\u00a0be able to\u00a0optimize\u00a0costs,\u00a0enhance efficiency, sharpen decision-making and\u00a0increase\u00a0productivity\u00a0as it expands its operations.<\/p>\n \n Established in 1976, RAKBANK is one of the UAE\u2019s oldest financial institutions. RAKBANK offers a complete suite of banking services catering to its customers across Personal, Business\u00a0and Wholesale\u00a0banking segments.\u00a0In line with the strategy and to aid its digital transformation journey\u00a0RAKBANK\u00a0opted for a\u00a0unified business platform that would streamline finance and planning processes, improve operational efficacy, and support its complex\u00a0supply chain and\u00a0procurement\u00a0needs. The bank has decided\u00a0to partner with Oracle Fusion Applications for its ability to connect and standardize core business processes on a single data platform\u00a0and leverage embedded AI from within the applications.<\/p>\n \n \u201cThe partnership with of Oracle Fusion Applications is a key milestone for us in our journey to truly become \u2018a digital bank with a human touch\u2019 as we look to digitize and scale our business, attract, and retain\u00a0the\u00a0best talent,\u00a0and innovate with cutting edge technological solutions for our customers,\u201d\u00a0said\u00a0Mridul Baberwal,\u00a0Deputy Chief Financial Officer, RAKBANK.\u00a0\u201cA 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.\u201d<\/p>\n \n With\u00a0Oracle Fusion Cloud Enterprise Resource Planning (ERP)<\/a>,\u00a0RAKBANK\u00a0will be able to\u00a0eliminate manual processes,\u00a0accelerate financial reporting, and improve financial controls by consolidating financial data across the business.\u00a0Oracle Fusion Cloud Human Capital Management (HCM)<\/a>\u00a0will help\u00a0RAKBANK\u00a0centralize HR operations on a single platform to\u00a0simplify processes, generate better workforce insights and\u00a0improve the employee experience.\u00a0Oracle Fusion Cloud Supply Chain & Manufacturing (SCM)<\/a>\u00a0will help RAKBANK\u00a0optimize\u00a0supply chain planning, optimise costs, and improve customer service.<\/p>\n \n \u201cWith rapidly evolving customer expectations and\u00a0a\u00a0changing regulatory landscape, financial institutions\u00a0are\u00a0prioritizing\u00a0cloud-led transformation to succeed in the AI era,\u201d\u00a0said\u00a0Leopoldo Boado Lama, senior vice president,\u00a0Business Applications, ECEMEA, Oracle. \u201cThis major transformation with\u00a0Oracle\u00a0Fusion Applications will help RAKBANK\u00a0bring consistent processes and a single source of truth across\u00a0its\u00a0most important business functions, enabling it to\u00a0react to change faster\u00a0and\u00a0succeed in a highly competitive market.\u201d<\/p>\n \n