The financial services sector now has access to the cloud thanks to developing technology. While there are still mission-critical issues with security, compliance, and availability, financial institutions must keep up with the changing market demands.
Finance firms are now going to the cloud and seeking to fundamentally alter how they have conducted business over the last few decades. It is driven by shifting client expectations, new business models, competitive innovation, and a constant push to improve efficiency.
But how can this shift be accomplished when so many things are at stake? Enters Oracle Financial services cloud!
Oracle for financial services – what is it?
Leaders in the financial services industry are utilizing the cloud to boost profitability and enhance the customer experience due to new competitors, shifting business models, growing regulation and compliance challenges & disruptive technology.
Implementing Oracle Financials Cloud isn’t a technological advancement but a business transformation. It may alter how you direct and concentrate your primary resources to manage crucial elements of your company’s operations.
Companies are migrating crucial trading, finance, fraud detection, and payment software to Oracle’s cloud because Oracle offers solutions spanning core financial services tasks (including save, lend, pay, protect, and invest).
Oracle fosters innovation by offering in-depth insights into customer behavior, preventing financial crimes, expediting the closing process, and enhancing risk management with cutting-edge technology such as blockchain, lakehouse analytics, and high-performance computing (HPC).
How are Oracle’s financial services beneficial for financial institutions?
Oracle Cloud Infrastructure (OCI), which was designed from the ground up to be a superior cloud for enterprise applications, provides a full array of cutting-edge services to serve financial institutions.
When you choose to use Oracle Financials Cloud, Oracle will set up the Cloud infrastructure and create the necessary paperwork. Oracle controls its cloud, bringing with it a variety of challenges that you can encounter, like cloud infrastructure management, data security, application availability & more.
Here’s how it benefits:
1. Migration to Oracle cloud for operational improvements
Because the financial cloud offers unique, automatic migration configurations that correspond to current on-premises architecture designs, it is possible to deploy the whole Oracle banking product suite, risk, and finance apps on Oracle Cloud Infrastructure (OCI).
2. Security and fraud prevention
Your company’s cybersecurity is enhanced with OCI. Fraud detection is accelerated and automated using AI and ML to concentrate efforts on challenging instances. To keep everything up to current, patches and deployments are further automated. OCI also provides strong encryption, client isolation, monitoring, integrated cloud security services, and other services.
3. Core banking capabilities
Faster speed to market for client features, higher elasticity for unexpected workloads, and better availability for mission-critical workloads are all made possible by HPC ( high-performance computing) capabilities and unified data via a data warehouse or data lakehouse. Additionally, cloud-native services support the creation of contemporary applications using tools like Kubernetes, Docker, serverless, functions, APIs, and Kafka.
4. Solve complex technical problems faster
For reliable, low-jitter performance, financial applications, especially trading apps, need a high-performance, low-latency infrastructure. High-frequency CPUs, quick and dense local storage, and the lowest latency network are the features of Oracle Cloud Infrastructure. Systems that require much upfront investment can be supplemented or replaced.
5. Better customer experience
Migration to the cloud has an immediate positive impact by accelerating the financial close by streamlining activities. OCI allows AI and ML to automate and target client outreach for more engagement. HPC and unified data ensure that client data is accurate and readily available upon request, and support for a DevOps approach makes it possible to construct user-facing apps quickly.
Oracle Financial Services – what solutions does it bring?
For financial organizations, Oracle Financial Services offers SaaS solutions. A shared foundation for accessible services is offered by the multi-tenant fabric. Let’s take a look.
● Anti–Money Laundering (AML) Compliance
With a collection of tools that are built to sync up, powered by advanced analytics, and intended to give potent unified enterprise case management capabilities, you can combat financial crime and achieve AML compliance with this solution.
AML software that raises detection accuracy, increases investigator productivity, enhances operational efficiency, and drives cost reduction can safeguard your financial institution and your clients.
● Cloud Banking Solutions
With Cloud Banking Solutions, you can increase the adaptability and effectiveness of your core banking processes, including loan origination, onboarding new customers, payments, lending, and collections. Also, you can deliver enticing cloud service solutions for treasury administration, trade finance, supply chain finance, cash and liquidity management, and corporate credit and lending.
● Cloud Banking Payments Solutions
With Oracle’s digital payments system, a unified payments hub constructed on the ISO 20022 foundation, you can process payments in real-time, anywhere, and at scale. A one-stop payments processing system that accepts various payment methods and enables SWIFT GPI for low-value international transfers can also maximize transaction efficiency.
● Risk and Finance Solutions
You can react swiftly to changes in the market and regulatory regulations. You can incorporate insights from data management and advanced analytics technologies using financial services analytics software to boost profitability, speed up financial reporting, reduce risk, and enhance compliance.
● Revenue Management, Pricing, and Billing Solutions
The revenue management system and billing solution from Oracle enable high transaction volumes and scale with your business as it grows. Without the time, expense, and interruption of hard coding, the highly adaptable solution can swiftly help you meet new requirements and take advantage of possibilities.
● Digital Insurance Platform
By using this solution, you can provide insurance solutions and digital customer experiences that increase your clients’ trust and loyalty. You can also roll out new products with ease, make the necessary adjustments to your back office and sales channels, and gain real-time data to better understand your business.
● Financial Services Cloud Infrastructure
To run consistently and with little jitter, financial applications, especially trading apps, need a high-performance, low-latency infrastructure. Oracle Financial Cloud Infrastructure offers the lowest latency network, quick and dense local storage, and high-frequency processors.
● Data Management for Financial Services
Through the integration of cloud databases, analytics, and data integration services, Oracle’s data management solution enables financial services companies to gain deeper business insights and run more effectively.
Customers may quickly build financial applications using Oracle technologies, manage high-volume transactions, and do real-time data analysis for personalized banking, fraud detection, and process improvement.
● Financial Services Customer Acquisition and Experience
Create the digital experiences that your corporate customers and your retail consumers want with this solution. Create the next fantastic experience by connecting customer behaviors, transactions, and demographics across marketing, sales, service, and your back-office apps with this oracle solution.
● Financial Services Human Capital Management
With regional and international workforces, financial institutions have various human resource requirements. With Oracle, you can centralize HR processes throughout the company with a single source of truth, making it easy to adopt a consistent strategy when making decisions about your staff and to plan and restructure immediately when circumstances change.
Final Thoughts:
Many businesses today are having trouble expanding because their finance systems can’t keep up with the changing and diverse needs of the corporate world. Businesses can enter new markets with Oracle Cloud Financials‘ support for numerous ledgers, currencies, entities, and accounting standards, manage large quantities of transactions quickly and automate processes to remove the inter-company, tax, and payment complexity.
With Oracle Financial Cloud Infrastructure, financial institutions can lower the cost of various applications and workloads while increasing performance and security. Current users are happy with the capabilities of Financial Cloud and are excited about the package’s high connectivity with other application sets.
With robust financial capabilities, you can optimize client payment processing, manage compliance requirements, build meaningful relationships, and many more! Ready to be a part of Oracle Financial services? Reach out to Doyensys, your trusted Oracle Cloud Partner!
