KeyBank can now service loans in real-time, including application, payments and collections, after partnering with Oracle to update and digitize its non-real estate consumer lending process.
Using Oracle Banking Originations, KeyBank is also able to help eliminate delays and improve customer service, according to a press release on Wednesday (Sept. 21).
“At KeyBank, we understand you cannot ‘kick the can’ on modernizing legacy banking systems if you wish to remain competitive, foster innovation, and maintain operating costs,” said Kim Snipes, KeyBank’s, CIO of Consumer and Digital.
“Financial institutions must implement modern, modular API-driven real-time systems. Oracle provided the foundation we needed to accelerate our digital transformation efforts across our consumer-facing digital channels and key enterprise operations. With Oracle, we were able to successfully move an active banking portfolio to a new system without interruptions to our customers,” she said.
See also: Embedded Finance Expands Payments Options, Reduces Merchant Risk, Says KeyBank
After acquiring First Niagara Bank in 2015, KeyBank worked with Oracle to implement Oracle Banking Originations and bring together both banks’ different loan servicing, collections and recovery systems.
Since launching its consumer digital banking platform in 2017, KeyBank has worked closely with Oracle and has grown its “digital servicing capabilities into originations using Oracle Banking technology, which provides the orchestration and modern underwriting workflow needed to support real-time decisioning for consumer deposit and credit card accounts,” according to the release.
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“Oracle and KeyBank have a long history working together to evolve KeyBank’s technology to address their growing business needs,” said Sonny Singh, executive vice president and general manager, Oracle Financial Services.
“KeyBank is a proven frontrunner in its commitment to transform its legacy systems into modern digital solutions delivering more self-service capabilities for its customers,” he added.
KeyBank recently used Oracle technology to launch a national digital bank tailored to physicians and dentists, Laurel Road for Doctors.
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