Hungary-based MKB Bank has transformed its entire technology system by migrating to the Oracle Flexcube core banking system.

As part of a broader restructuring project, the bank replaced its legacy core banking system, changed and combined nearly 10 additional systems and overhauled its entire IT architecture completely.

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The deployment will modernise the bank’s internal and customer-facing operations and provide customers with more customised services, the technology vendor said.

The complete technical modification is also expected to slash go-to-market time for new services such as corporate and retail lending, as well as digital only services.

MKB Bank CEO Ádám Balog said: “It is not every day that a historically conservative medium-sized player commits its resources to modernising its systems, changing its culture and taking a leap towards digitalisation.

“It is through the reliability of partners like Oracle and the management of our stakeholders that we were able to make this move in such short a time.”

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MKB chief digital, retail and strategy officer Mark Hetényi said: “Banks still have some catching up to do when it comes to serving customers. It’s time to stop resisting change and develop a model based on the way people want to interact with banking services.

“This starts with a robust digital offering. We replaced our core banking platform with Oracle FLEXCUBE because it supports fully digital customer experiences.”