Hampden & Co, a new UK private bank launching in the first quarter of 2015, has partnered with Oracle FLEXCUBE on Oracle Managed Cloud Services to develop its digital banking capabilities as well as handle its core banking infrastructure.
Through the new platform, Oracle FLEXCUBE will manage Hampden & Co’s core banking, direct and mobile banking operations. Hampden & Co selected Oracle FLEXCUBE from a shortlist of three potential solutions.
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An independent private bank established by a team of experienced bankers, Hampden & Co – currently headquartered in Edinburgh – aims to provide "a very personal banking service" to the wealthy clientele.
Launched by veteran banker Ray Entwistle, Hampden & Co was known as Scoban till April 2014, when Hampden Group became a lead investor in the bank. The new challenger banks plans to solely concentrate on the provision of banking facilities, basing its business on a "traditional and conservative" model.
Graeme Hartop, CEO, Hampden & Co, said: "The UK’s high net worth (HNW) sector has grown steadily over the past few years – even during tough economic times – which has created a growing demand for private banking services."
He said private banks are increasingly focusing on wealth management rather than core banking, ‘a gap’ in the market which the bank is actively addressing.
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By GlobalDataOracle Managed Cloud Services with Oracle FLEXCUBE aims to enable Hampden & Co to deliver enhanced, personalised products and services by aggregating and managing data from multiple sources alongside better understanding customer needs.
Senthil Kumar, vice president, business development, Oracle Financial Services added:
"Hampden & Co joins the Oracle family as the first UK bank to leverage core business cloud applications delivered from Oracle’s UK cloud facilities. The leadership team at Hampden & Co. have done a remarkable job in completing their mobilisation phase on time and readying the bank for business."
Hampden & Co expects to welcome its first clients during the first quarter of 2015 from its offices in Edinburgh and London.
