Apps Run The World

MKB Bank Software Purchases and Digital Transformation Initiatives

Last updated on 2021-08-18 17:58:24

Discover the latest software purchases and digital transformation initiatives being undertaken by MKB Bank and its business and technology executives. Each quarter our research team identifies on-prem and cloud applications that are being used by the 3750 MKB Bank employees from the public (Press Releases, Customer References, Testimonials, Case Studies and Success Stories) and proprietary sources.

During our research, we have identified that MKB Bank has purchased the following applications: Google Optimize 360 for Marketing Analytics in 2021, Microsoft 365 for Collaboration in 2021, Hotjar for Customer Experience in 2020 and the related IT decision-makers and key stakeholders.

Our database provides customer insight and contextual information on which enterprise applications and software systems MKB Bank is running and its propensity to invest more and deepen its relationship with Google , Microsoft , Hotjar or identify new suppliers as part of their overall Digital and IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.

We have been analyzing MKB Bank revenues, which have grown to $400.0 millions in 2019, plus its IT budget and roadmap, cloud software purchases, aggregating massive amounts of data points that form the basis of our forecast assumptions for MKB Bank intention to invest in emerging technologies such as AI, Machine Learning, IoT, Blockchain, Autonomous Database or in cloud-based ERP, HCM, CRM, EPM, Procurement or Treasury applications.

About the Customer

MKB Bank is a leading digital bank in Hungary, which has put open banking as one of the pillars of its strategy and believes in partnering with its customers, corporate and private banking clients, as well as the Fintech world through innovations such as its new core system and IT architecture, an innovative MKB Fintechlab ecosystem it has built, as well as its network. The bank is considering an IPO in 2019.

Scope and Challenges

The bank decided on the switch in February 2016. It had been using Globus, a precursor to Temenos’ T24 platform, since 2004. Instead of choosing an upgrade from its incumbent supplier, though, it opted for Oracle and its Flexcube system. “An upgrade would have been more difficult than a new system implementation,” -said Mark Hetenyi, Chief of Digital, Retail and Strategy at MKB Bank.

“We started with bad economics and a very bad system.” End of day processes were “a disaster”, the system had a “highly fragmented IT architecture” and “high licence fees and maintenance costs.”  – continue Mark Hetenyi, Chief of Digital, Retail and Strategy at MKB Bank

Outcome and Implications

MKB was intent on fast-tracking its technology program. Despite having comparatively fewer resources than major global banks operating in Hungary, MKB achieved its digital transformation in just two and a half years. The average deployment for projects of this scope typically takes between four and five years.

Using Oracle Flexcube's universal banking system, MKB Bank improves the efficiency of banking workflow while reducing its operational risks, also account opening times will be reduced alongside loan and mortgage acceptance. The bank also plans to use Flexcube as a base for a digital revamp.

Quotes

“It is not every day that a historically conservative medium-sized player commits its resources to modernize its systems, changing its culture and taking a leap towards digitalization.” -said Ádám Balog, Chief Executive Officer at MKB

“Banks still have some catching up to do when it comes to serving customers. It’s time to stop resisting change and develop a model based on the way people want to interact with banking services,” -said Mark Hetényi, Chief Digital, Retail and Strategy officer at MKB. “This starts with a robust digital offering. We replaced our core banking platform with Oracle FLEXCUBE because it supports fully digital customer experiences.”

“MKB recognized that digital services are a key differentiator. As a bank with its eyes firmly planted on the future of customer service, MKB’s bullish implementation of our flexible Oracle FLEXCUBE technology has put it in a position to pull ahead in a competitive Hungarian market,” -said Sonny Singh, Senior Vice President and General Manager at Oracle Financial Services.


Vaaci u.38
Budapest, 1821 , x
Hungary
36 1 327-8600
https://www.mkb.hu/
Industry Employees Revenue
Banking and Financial Services 3750 $400.0M

Enterprise Software and Cloud Applications being used by MKB Bank


Vendor Old Product New Product Category Market Users VAR/SI When Live
Microsoft Legacy Applications Microsoft 365 Collaboration Collaboration n/a n/a 2021 2021
Subscribe Subscribe Subscribe Collaboration Collaboration Subscribe Subscribe 2012 2012
Subscribe Subscribe Subscribe Marketing Analytics CRM Subscribe Subscribe 2021 2021
Subscribe Subscribe Subscribe Customer Experience CRM Subscribe Subscribe 2020 2020
Subscribe Subscribe Subscribe Core Banking ERP Services and Operations Subscribe Subscribe 2017 2017
Subscribe Subscribe Subscribe IT Service Management ITSM Subscribe Subscribe 2020 2020
Vendor Old Product New Product Category Market Users VAR/SI When Live
Vendor Old Product New Product Category Market Users VAR/SI When Live
Microsoft Legacy Applications Microsoft Azure Cloud Services Application Hosting and Computing Services IaaS n/a n/a 2014 2014
Vendor Old Product New Product Category Market Users VAR/SI When Live

IT Decision Makers and Key Stakeholders at MKB Bank


First Name Last Name Title Email Phone
Subscribe Subscribe CEO Subscribe Subscribe
Subscribe Subscribe Chief Digital Officer Subscribe Subscribe
Subscribe Subscribe Information Technology Development Director Subscribe Subscribe
Subscribe Subscribe IT Account Director Subscribe Subscribe
Subscribe Subscribe Head of Treasury Operations Department Subscribe Subscribe
Subscribe Subscribe Head of IT Architecture Subscribe Subscribe
Subscribe Subscribe Head of department - Core systems operation Subscribe Subscribe
Subscribe Subscribe Application Manager Subscribe Subscribe
Subscribe Subscribe Application Manager Subscribe Subscribe