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Oracle Banking Platform Transforms Next-Generation Banking
Oracle announced that the innovative Oracle Banking Platform, a comprehensive suite of business applications for large global banks, is now available.
Oracle Banking Platform is designed to help banks respond strategically to today’s business challenges, while also transforming their business models and processes to reduce operating costs and improve productivity across both front and back offices.
National Australia Bank is codesigner of many modules and the first bank to deploy Oracle Banking Platform. "Oracle Banking Platform forms the foundation of our strategic banking transformation initiative,” says Gavin Slater, group executive, National Australia Bank. “It will give us the agility we need to rapidly adopt new business models, bring new services and products online quickly, and deliver world-class service to our clients across any channel they prefer.”
The first release of Oracle Banking Platform includes core banking deposit and loan capabilities, as well as enterprise origination and collection for personal banking functionality. Oracle plans to continue to build out further functionality for future releases.
Oracle Banking Platform complements the Oracle FLEXCUBE core banking product, which will continue to be sold globally to banks seeking a fully integrated banking solution that addresses the need for universal, commercial banking, and international operations.
Oracle Banking Platform supports banks as they grow their businesses through new distribution strategies to tap new markets. The new solution is designed as a native service-oriented architecture (SOA) platform, which will help banks implement key enterprise services and drive process improvements that tie into existing applications and technologies.
“Core modernization is both a costly and complex undertaking for large banks. As such, many banks continue to operate on legacy core systems developed in the 1980s,” says CEB TowerGroup senior research director Bob Hunt. “A significant number of large banks, however, have recently undertaken core modernization efforts to meet customer demands or improve operating efficiency. The core vendors have responded to banks’ needs for a less risky approach to modernization by using SOA to componentize their systems, allowing banks to implement single systems or even individual processes within the system.”
Through preintegrated enterprise applications and the underlying Oracle technology stack, the solution can also help reduce in-house integration and testing efforts, ultimately reducing IT costs and improving time-to-market.
Get in-depth information about Oracle Banking Platform.
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