Navy Federal Credit Union taps Oracle for cloud and account servicing tech overhaul

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.