Oracle Announces Oracle® Financial Services Revenue Management and Billing for Banking
Enables Banks to Automate Billing and Receivables Management Processes to Increase Fee-Based Income, Provide Accurate Information to Clients and Reduce Revenue Leakage
Sibos 2009, HONG KONG – September 14, 2009
As part of its commitment to help banks streamline and automate the revenue management process, reduce loss in fee-based income and provide accurate information to clients on bills, Oracle today announced Oracle® Financial Services Revenue Management and Billing for Banking.
Recent market events have demonstrated the importance of fee-based services to the financial services sector while also reinforcing their position as one of the most profitable areas of banking.
However, banks are currently under tremendous pressure from clients to deliver new products, consolidate services, lower transaction prices and increase discounts based on the business relationship with the bank. Margins from traditional transactional services such as payments are also eroding with the new directives in various regions around the world.
Oracle Financial Services Revenue Management and Billing for Banking is a comprehensive, configurable solution that enables financial institutions to streamline the entire revenue management process, including receivables, to provide greater transparency at the bank and more accurate information to clients.
The application provides banks with a fully integrated, enterprise platform for billing, cash applications and receivables management. It features extensive security and audit functionality, and comes pre-packaged with a comprehensive collections suite.
It also helps the bank provide a single invoice for all customer activities, for each customer relationship.
Oracle Financial Services Revenue Management and Billing for Banking makes it easier for financial institutions to calculate revenue and create invoices for diverse customer products and customer specific contracts.
The application provides the output and supports for various electronic formats including TWIST standards.
Reduce Loss in Fee-Based Income, Gain Better Insight into Revenues
Oracle Financial Services Revenue Management and Billing for Banks allows institutions to more effectively measure the value of their customer relationships and enables them to quickly add newer products with flexible price and discount options that are limited today by legacy, back-office applications.
The application helps institutions establish adequate control mechanisms and facilities to report problems that could result in revenue leakage as well as build and try models for measuring profits from products.
Oracle Financial Services Revenue Management and Billing for Banking can help banks simplify the application portfolio used for billing across different areas to one enterprise application, removing redundant business processes within divisions and saving on related IT costs.
The application includes dashboard capabilities that can help banks gain a real-time view into the transaction process and provides bank employees with valuable information for providing superior customer service.
Oracle Financial Services Revenue Management and Billing for Banking is built on a proven, scalable architecture that has been used by institutions with large numbers of customer accounts, complex billing requirements and diverse product portfolios.
“Changing customer expectations and competitive pressures are forcing banks to offer better services and larger discounts based on relationships. Regulations direct that all customers be provided a bill for fees and charges for the services provided, but banks recognize that they must reward customers based on the value of relationship,” said Joe Morgan, Vice President, Oracle Financial Services Global Business Unit. “Oracle Financial Services Revenue Management and Billing for Banking enables banks to automate the revenue management process, fulfill customer commitments across their retail, commercial and wealth management businesses, and increase the transparency of revenue streams at the bank.”
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