Navy Federal Credit Union taps Oracle for cloud and account servicing tech overhaul
Navy Federal Credit Union (NFCU), the largest credit union in the US, has tapped Texas-headquartered software provider Oracle for its cloud and account servicing technology.
Navy Federal Credit Union partners Oracle
As part of the agreement, the credit union will leverage four different Oracle solutions to further enhance automation and operational efficiency.
The first of these is Oracle Banking Account Cloud, which the vendor touts as a “hyperscale accounts platform” capable of optimising account management and operation with the ability to process more than 300 transactions per second.
The credit union is also adopting the Oracle Fusion Cloud Enterprise Resource Planning (ERP) system, which Oracle says “intelligently automates labour-intensive tasks” including expense reporting, project management, and risk and compliance. The solution was launched by Oracle in 2012 and adopted by industry players including Bank of Africa UK.
The ERP system is hosted on Oracle Cloud Infrastructure (OCI), which is also being integrated via Software-as-a-Service (SaaS) to achieve additional automation across deposits, consumer lending, and its finance processes.
Lastly, the credit union has also signed for Oracle Fusion Cloud Human Capital Management (HCM), a suite of products including human resources, talent and workforce management, and payroll functions.
Speaking on the partnership, NFCU says Oracle’s tech will enable it to “deliver secure, real-time account servicing to members and increase efficiency to manage its significant growth”.
Established in 1933 and headquartered in Vienna, Virginia, NFCU provides banking, loan, mortgage, and financial wellness services to personnel of the US Department of Defense and Coast Guard, including their families, contractors, and veterans. It currently claims over 13 million members and $168 billion in assets (its total assets are nearly three times that of the second-largest US credit union, State Employees’ Credit Union).
The credit union joins the likes of CSB Bank in India and SID Bank in Slovenia in recently partnering with Oracle for its banking technology.
