Teachers Savings and Loan Society Limited in Papua New Guinea has transformed its core banking system with Oracle’s help. This significant move positions TISA as a leader in digital banking within the Pacific region.
The institution, the parent company of TISA Bank Limited, serves 82,000 members and aims to modernize its services for them.
In 18 months, TISA implemented Oracle FLEXCUBE for Core Banking and other Oracle banking solutions. The transformation introduced digital self-service capabilities that enhance customer experience.
For instance, members can now use mobile banking with biometric authentication, making access more secure and convenient. They can also register, and open bank accounts online, streamlining the onboarding process.
Moreover, TISA has improved its loan origination and credit processes. It means faster loan approvals and quicker access to funds for members.
Additionally, the institution enhanced its payment capabilities across retail and small-to-medium business segments. Soon, it will extend these improvements to midsize-to-large corporate clients.
Michael Koisen, the Group CEO of TISA, expressed confidence in the new system.
He stated, “With Oracle’s core and digital banking solutions, we can perform core processes faster and more stable. It significantly benefits our customers through user-friendly services and faster account opening and credit transfers. It also brings confidence to the TISA team as we look to diversify and scale our customer base.”
The migration to Oracle FLEXCUBE has streamlined TISA’s operations and enhanced customer support by enabling faster branch turnaround times. The straight-through processing (STP) feature automates payment processing, expedites transactions, and reduces errors.
Oracle FLEXCUBE’s API-first architecture on Oracle Cloud Infrastructure (OCI) ensures scalability and robust performance. It supports high transaction volumes while improving service quality and overall performance.
TISA has also launched Oracle Banking Origination and Oracle Digital Banking Experience. These platforms allow customers to open new accounts and access banking services anytime.
TISA introduced a chatbot named TISA Interactive Assistant, or TIA, to further enhance customer engagement. This chatbot assists customers with inquiries, provides real-time support, and improves the banking experience.
With approximately $90 million in loans and $118 million in deposits, TISA’s modernization efforts aim for strategic growth. The institution seeks to diversify its customer base by expanding services to include small-to-medium businesses and larger corporate clients.
By offering modern banking solutions, TISA enhances its competitive edge and meets evolving customer expectations. Building a scalable infrastructure supports its long-term expansion goals and sustainable growth.
Oracle’s partnership with TISA underscores its commitment to advancing financial services technology. It ensures that the infrastructure can grow with increasing demands.
Additionally, Oracle delivers solutions that support sustainable business practices.
Established as one of the largest credit unions in the Pacific, TISA offers a range of financial services. These include savings accounts, loans, and other banking items customized to meet the requirements of its members.
With a focus on innovation and customer service, TISA plays a pivotal role in Papua New Guinea’s financial sector.
Oracle Corporation provides integrated cloud applications and platform services that empower businesses across various industries.
This transformation marks a significant milestone for TISA. It modernizes banking services for its existing members and positions the institution for future growth. TISA sets a precedent for other regional financial institutions by embracing digital transformation.
Furthermore, the introduction of mobile banking with biometric authentication enhances security measures. It guarantees that members can access their accounts safely and conveniently.
Online account registration and opening reduce the need for physical branch visits, saving customers time.
The streamlined loan origination and credit processes mean members receive quicker responses to their loan applications. Enhanced payment capabilities improve transaction efficiency across different segments, improving overall customer experience.
As TISA looks to the future, it plans to continue innovating and expanding its services. Oracle’s scalable infrastructure allows TISA to adapt to changing market demands and ensures that the institution can handle increased transaction volumes without compromising performance.
In conclusion, TISA’s successful transformation with Oracle sets a new standard in the Pacific region’s banking industry. The move towards digitalization benefits both the institution and its members.