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2025-01-08
In an era where digital innovation is reshaping the financial landscape, Teachers Savings and Loan Society Limited (TISA), one of the largest credit unions in the Pacific, has taken a bold leap forward. Partnering with Oracle, TISA has successfully modernized its core banking system, introducing cutting-edge digital services to enhance the banking experience for its 82,000 members. This transformation not only positions TISA as a leader in digital banking but also sets a benchmark for financial institutions across the region.
A New Era of Digital Banking
TISA’s collaboration with Oracle has resulted in the implementation of Oracle FLEXCUBE for Core Banking, alongside several other Oracle banking solutions. This strategic move has enabled TISA to offer a suite of digital self-service capabilities, including mobile banking with biometric authentication, online account registration, streamlined loan origination, and enhanced payment processing. These innovations cater to TISA’s retail, SMB, and corporate segments, ensuring a seamless and efficient banking experience for all customers.
Michael Koisen, Group CEO of TISA, highlighted the transformative impact of Oracle’s solutions: “With Oracle’s core and digital banking solutions, we can now perform core processes with greater speed and stability. This brings significant benefits to our customers through user-friendly services and faster account opening and credit transfers, while also instilling confidence in our team as we diversify and scale our customer base.”
Streamlined Operations and Enhanced Customer Experience
In just 18 months, TISA’s migration to Oracle FLEXCUBE has streamlined its operations and customer support. The new system enables faster turnaround times at branches and straight-through digital processing (STP), significantly expediting payment processing. Built on the robust and secure Oracle Cloud Infrastructure (OCI), Oracle FLEXCUBE’s modern, API-first architecture supports TISA’s high transaction volume while improving service quality and overall performance.
TISA has also launched Oracle Banking Origination and Oracle Digital Banking Experience, allowing customers to open new accounts and access banking services anytime, anywhere. Additionally, the of TISA Interactive Assistant (TIA), a chatbot, further enhances customer engagement and support.
A Personalized, Cloud-Native Banking Experience
Oracle’s integrated solutions have optimized TISA’s infrastructure to deliver a personalized, cloud-native digital banking experience. This transformation prioritizes safety, reliability, scalability, sustainability, and convenience, ultimately enhancing the banking experience for TISA’s members and customers. With over $90 million in loans and $118 million in deposits, TISA’s digital transformation is a testament to the power of modern banking solutions.
Saurabh Tayal, Vice President of Banking Consulting at Oracle Financial Services, emphasized the success of this collaboration: “Our close collaboration with TISA has demonstrated how Oracle’s banking solutions can help any institution, from the smallest community banks to the largest global players, successfully transition to a modern, agile core banking system. TISA now serves as an example for community and mutual banks in the region, showing that they can move away from dated technology and gain the advantages of a new modern banking core without undue risk.”
What Undercode Say:
The digital transformation of TISA with Oracle’s cutting-edge banking solutions marks a significant milestone in the financial services industry, particularly in the Pacific region. This case study underscores the critical importance of modernizing core banking systems to meet the evolving demands of customers and stay competitive in a rapidly changing market.
1. The Imperative of Digital Transformation:
In today’s digital-first world, customers expect seamless, secure, and efficient banking services. TISA’s adoption of Oracle FLEXCUBE and other digital solutions highlights the necessity for financial institutions to embrace digital transformation. By offering mobile banking, biometric authentication, and online account registration, TISA has not only enhanced customer satisfaction but also positioned itself as a forward-thinking leader in the industry.
2. The Role of Cloud Infrastructure:
The integration of Oracle Cloud Infrastructure (OCI) has been pivotal in TISA’s transformation. OCI’s robust security and high performance ensure that TISA can handle high transaction volumes while maintaining service quality. This underscores the importance of cloud infrastructure in enabling scalability, reliability, and sustainability in digital banking.
3. Streamlining Operations for Efficiency:
TISA’s migration to Oracle FLEXCUBE has streamlined its operations, enabling faster turnaround times and straight-through digital processing. This operational efficiency is crucial for financial institutions looking to reduce costs, improve service delivery, and enhance customer experiences.
4. Enhancing Customer Engagement:
The launch of TISA Interactive Assistant (TIA), a chatbot, exemplifies the growing trend of leveraging AI to enhance customer engagement. By providing instant support and personalized services, TISA has improved customer satisfaction and loyalty, setting a benchmark for other financial institutions.
5. A Model for Regional Transformation:
TISA’s successful transformation serves as a model for other community and mutual banks in the region. It demonstrates that even smaller institutions can transition to modern, agile core banking systems without undue risk. This is particularly significant in regions like the Pacific, where financial institutions often face unique challenges in adopting new technologies.
6. The Future of Banking:
As TISA continues to innovate and expand its digital offerings, it sets the stage for the future of banking in the Pacific. The integration of advanced technologies such as AI, biometrics, and cloud computing will be crucial in driving further innovation and meeting the evolving needs of customers.
In conclusion, TISA’s digital transformation with Oracle is a compelling example of how financial institutions can leverage technology to enhance customer experiences, streamline operations, and stay competitive in a rapidly evolving market. This case study provides valuable insights for other institutions considering similar transformations, highlighting the benefits of modernizing core banking systems and embracing digital innovation.
For more information on TISA’s core banking system transformation with Oracle, view the TISA customer video here: [TISA Customer Story](https://videohub.oracle.com/media/TISA%20Customer%20Story/1_wskovhp1).
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at [www.oracle.com](http://www.oracle.com).
The Teachers Savings and Loan Society Limited (TISA) is the largest savings and loans society in Papua New Guinea and the largest credit union in the Pacific. Established over 50 years ago, TISA serves its members through 17 branches nationwide, providing a wide range of financial services and innovative banking solutions.
Oracle Financial Services provides solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With our comprehensive set of integrated digital and data platforms, banks and insurers are empowered to deliver next-generation financial services. We enable customer-centric transformation, support collaborative innovation, and drive efficiency. Our data and analytical platforms are designed to help financial institutions drive customer insight, integrate risk and finance, fight financial crime, and comply with regulations. To learn more, visit our website at: [Oracle Financial Services](https://www.oracle.com/financial-services/).
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.
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