My Money Bank (MMB), a French financial institution that originally launched around the end of World War I, has made transitioning to cloud technology a top priority as it plans for its future.
MMB serves mainland France, as well as its territories in Africa and the Caribbean. The bank focuses on debt consolidation, deposits, and commercial real estate markets, and also offers a range of banking services, including auto and consumer financing. In fact, MMB can now approve loans in under 10 days—a vast improvement from the 55 days it needed one year ago. It can even process online loan insurance applications, which once took more than a month, almost instantly.
As it looks to return to some of the consumer markets it left behind in 2015, MMB has also been focused on making the move to cloud technology. “We need to be plug-and-play,” said CFO Jeremy Bracq. “And we want to be first movers when new technology becomes available. The cloud allows us to do that.”
General Electric sold MMB (then known as GE Money Bank) to Cerberus Capital Management in 2016 in a deal that represented ending net investment of around $4.6 billion at the time. The acquisition allowed New York-based Cerberus, which has offices in the United States, Europe and Asia, to become the first private equity firm to receive a banking license in France.
Soon after, Oracle ERP Cloud was tapped to help MMB manage its finances, allowing the bank, which currently is made up of five different business entities, to close its books in five days. In addition, the integration helps the bank’s finance department generate automated reports for people without access to the system, saving money by limiting the number of seat licenses MMB must pay for.
“It’s a much more powerful tool than what we had before,” said Dorothee Dalmasso, the company’s accounting director.
The bank also wants to make itself attractive to potential suitors in case Cerberus decides to sell in the future. MMB saw a 13 percent boost in revenue in 2018, the first full year under Cerberus’s management, and it is expected to show 30 percent growth in its core debt consolidation market for 2019.