- Navy Federal Credit Union (NFCU), the largest retail credit union in the US, has partnered with Oracle for cloud and account servicing technology.
- NFCU will leverage four Oracle solutions to enhance automation and operational efficiency.
- Oracle Banking Account Cloud is a key solution, optimizing account management with the capability to process over 300 transactions per second.
- NFCU is adopting Oracle Fusion Cloud ERP system to intelligently automate labor-intensive tasks like expense reporting, project management, and risk and compliance.
- ERP system is hosted on Oracle Cloud Infrastructure (OCI) and integrated via Software-as-a-Service (SaaS) for automation in deposits, consumer lending, and finance processes.
- NFCU also signed up for Oracle Fusion Cloud HCM, covering human resources, talent, workforce management, and payroll functions.
- NFCU believes Oracle’s technology will enable secure, real-time account servicing and enhance efficiency to manage its significant growth.
- Established in 1933, NFCU serves personnel of the US Department of Defense and Cost Guard, with over 13 million members and an asset base of $168 billion.
- Other global banks like CSB Bank in India and SID Bank in Slovenia have recently partnered with Oracle for banking technology.
