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May 2013

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Oracle VP on Banking Transformation: The Top Three Questions Every Bank Should Consider

Banks are grappling with a host of new challenges today, ranging from increased competitive pressures and expanded government regulations to the impact of mobile technologies. At the same time many banks must streamline IT budgets while simultaneously paving the way for future expansions of products and services. These forces are coming together to create “a revolutionary movement within the banking industry,” characterized by a move toward the transformation of core banking systems, according to Ashwin Goyal, Oracle senior vice president of financial services.

“Banks are examining and pursuing progressive IT transformation programs that will implement complete new infrastructures and solutions,” he says.

One such institution is Australia’s Suncorp Bank, which has embarked on a modernization strategy that will replace its legacy core banking infrastructure with Oracle Banking Platform. Oracle’s new solution uses preintegrated enterprise applications and the underlying Oracle technology stack to help reduce in-house integration and testing efforts, which cuts IT costs and shortens the time needed to launch new services.

“By consolidating older platforms and simplifying our business processes and technology development, we can respond more quickly to customer needs and competitive challenges,” Jeff Smith, CEO of Suncorp Business Services, said in a recent interview.

Three Important Considerations
So how can banks undertake similar projects to successfully transform their core banking infrastructures? Goyal advises institutions to start by answering three key questions.

  • Is the bank focused on customer centricity? With shifting demographics and customer loyalties, customer centricity has never been more important, not only for client retention but to maximize business profitability as well. Are banks today able to effectively segment customer populations to deliver tailored products and services? Without agile systems and processes, banks may be limited in their abilities to aggregate and monetize the data at their disposal.
  • How quickly can the bank roll out new services without draining crucial IT resources? Goyal says banks must balance the drive to generate new revenue streams without incurring major operational costs, complexity, and taxing IT resources. If the processes and systems are a patchwork of old or legacy technology, the bank may be crippled by the inability to go to market in an effective, profitable way. By undergoing transformation, bank IT systems will be the enabler, not the obstacle, to new business.
  • Is the bank confident in its risk management processes? Fear of denial-of-service attacks, data breaches, service outages, and other risks are prompting greater scrutiny of bank risk management processes. A bank transformation project can massively reduce the risks associated with IT and processes.

The Answer for Transformations
To learn more about banking transformation and Oracle Banking Platform, read a detailed brochure and technology brief.

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