Garima Chaudhary, Head of FCCM Solution Consulting – North America, Oracle Financial Services
Christopher Graham, Master Principal Solution Director, Oracle Financial Services
As cloud technology matures, financial institutions are migrating finance, treasury, and financial crime compliance functions away from on-premise systems.
Oracle Financial Services launched true-cloud native SaaS services for its award-winning suite of solutions across risk, finance, treasury, profitability, and financial crime compliance.
Achieve these five benefits with Oracle Cloud technology and innovation.
1. Ever-green, secure services and consolidation—Accomplish more from up-to-date services when you get regular and frequent releases across all services. Whether you want new features every three months or six months is your choice. Stay assured that data and workflow processes are secure when using Oracle Cloud Services for financial services. Secure by design, Oracle Cloud Infrastructure (OCI) is based on Oracle’s security-first approach. It uses Oracle Identity Manager to support single sign-on and encrypt all data both in transit and at rest. Oracle’s modular approach to Cloud provides rapid integrations for applications across risk, finance, treasury, and financial crime compliance. Customers can consolidate Oracle application silos with disparate on-premise hardware into a single cloud infrastructure.
2. Faster innovation using embedded technologies—Oracle Cloud Services for financial institutions accelerates business transformation. It provides instant access to built-in analytics for various business areas and services, eliminating the need for additional data mart, reporting, or advanced analytics projects or licenses.
3. Enhanced performance & dynamic scaling—Predictable performance supports workloads from cloud-native to mission critical apps and databases in Oracle Cloud. Financial institutions gain next generation SaaS performance that matches and often exceeds on-premise deployments. Additionally, flexible instance provisioning provides the ability to deploy new sandboxes quickly.
4. Reduce CapEx spend with predictable OpEx based usage—Get a transparent annual subscription for each service based on either volume, user, or an instance-based metric. Organizations have the freedom to ramp up and down services as they see fit while benefiting from data reuse and common services across the platform. From an IT perspective, Oracle Cloud eliminates the hardware refresh and capacity planning cycle, which at times can be daunting. Financial institutions can reduce on-premise infrastructure spend and manage predictable costs based on usage.
5. Lower carbon footprint & sustainability—The large-scale migration of business data and IT services to the cloud has accelerated the need for more sustainable data centers and made it imperative that data center operators follow energy-efficient design principles. OCI’s environmentally friendly cooling strategies include intelligent building management systems, economizers, high-efficiency chillers, liquid-to-chip cooling, and airflow modeling to boost the energy efficiency of data center cooling systems. Financial institutions can reduce environmental waste through lifecycle assessment and refresh cycle optimization of all data center hardware components to further reduce the data center’s carbon footprint.
Oracle Financial Services helps organizations meet their business needs without compromising the ability to meet the needs of future generations. Financial institutions can derive benefits such as cost reduction, security improvements, and increased agility from SaaS adoption while being mindful of their Environmental, Social, and Governance (ESG) goals.