Magazine article American Banker

Silicon Valley Bank's Core Conversion, A Year In

Magazine article American Banker

Silicon Valley Bank's Core Conversion, A Year In

Article excerpt

Byline: Penny Crosman

A year after Silicon Valley Bank formally went live with Oracle Flexcube core banking software (in late 2010), we've checked in with the bank to find out how this project a Oracle's first successful Flexcube deployment in the U.S. a is going. Although this is a gradual rollout and the bank doesn't expect to complete it until early 2014, much progress has been made.

The bank bought the software in March 2009 and started to move all its multicurrency deposit accounts to it in October of that year. "At the same time, we increased our capability in that area by offering more than 19 different currencies," says Harbir Dhillon, program manager for the Flexcube implementation at Silicon Valley Bank. "That allowed us to grow in that area and accommodate the needs of our larger clients." This early experience enabled the IT staff to learn Flexcube and the intricacies of implementing it.

In early 2010, Silicon Valley made Flexcube its client master for customer data across the bank. It integrated Flexcube with its CRM and its legacy core systems. "Flexcube became the single source of truth for client information," Dhillon says.

Currently, the bank is in the midst of deploying Flexcube for trade finance and asset-based lending and it's getting ready to deploy Flexcube for core processing in its planned U.K. branch.

This has deliberately been a cautious rollout. "The existing core system may be older than we'd want, and it may not be as robust as we need it to be, but it's still doing the business it needs to do," Dhillon says. …

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