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Oracle Financial Services Software Ltd group VP for Asia-Pacific, Japan, Middle East and Africa, Venky Srinivasan, said given the current situation and its impact on global economies, the emphasis on driving financial inclusion has become significantly enhanced. One key narrative that is paramount for applicants to consider is how the value proposition of its business provides for empathy in the services the bank offers in these challenging times.
Oracle Financial Services has made Investigation Hub, its in-memory graph visualization tool, available in its enterprise case- management application and in other third-party AML case managers. Investigators can interactively scrutinize money laundering networks and apply graph analytics to increase the effectiveness of their investigations.
Australia's oldest bank has won the coveted iTnews Benchmark Award in finance for its work to tackle the holy grail of modern banking—a single view of the customer.
Technological advancement and customer expectations are the twin forces driving corporate banking into a new era. An increasingly tech-savvy and demanding clientele is prompting banks to adopt new digital channels and analytics software as they strive to build and retain trust in a dynamic and highly competitive business environment. Discover how banking innovations are transforming business.
Australia’s oldest bank has not wavered from materially improving customer service, not just online and in branches, but also in the technology their staff uses day to day to make things happen. This project is a finalist in the Finance category of the iTnews Benchmark Awards 2020. Read more about how Oracle participates in Westpac’s largest transformation project.
When it comes to core systems replacement, the banking industry is still set on big bang installations, driven in part by demands for real-time service. Read the interview with Vikram Gupta, vice president of Flexcube strategy at Oracle Financial Services. It emphasizes the importance of core systems implementations going smoothly, the challenges of moving on from a legacy product, and the innovation and development in Flexcube.
HBF, Australia’s fourth largest health insurer, has chosen Oracle Health Insurance to serve as the core platform across its health insurance products. This will allow HBF to improve operational efficiency and adapt to changing market demands and member needs.
Oracle, a leading provider to the financial services industry, invited HSBC to explain how technology is helping the bank evolve its transfer agency business to create a truly global offering for clients. Read the article.
HBF has chosen Oracle Health Insurance to support its digital transformation as part of a broader strategy to modernize its systems and processes. Learn how Oracle Health Insurance software will help HBF to adapt to changing market demands and member needs, and generally improve operational efficiency.
HBF, Western Australia’s largest private health insurer, has chosen Oracle Health Insurance to support its digital transformation. The move is part of a wider technology investment by HBF to modernize its systems and processes as it pushes to deliver the very best experiences to its members, employees, and providers, and become one of the country’s largest health insurance companies.
Oracle Health Insurance software will be integrated as part of the core platform across all of HBF's health insurance products. According to Prasad Arav, HBF Health head of transformation, Oracle will be a crucially important partner for HBF, enabling them to develop and launch products more quickly in response to our members' needs.
Oracle has been powering banks in Africa for more than 20 years, with 100+ banks in Africa relying on FLEXCUBE to power their growth. Oracle has been consistently investing in the product to ensure that it has anticipated the emerging needs of banks in Africa. Read more to understand how Oracle Financial Services enables digital banking, process optimization and market agility across the continent.
HBF, Western Australia’s largest private health insurer, has chosen Oracle Health Insurance (OHI) to support its digital transformation. The move is part of a wider technology investment by the company to modernise its systems and processes as it pushes to deliver the very best experiences to its members, employees and providers, and become one of the country’s largest health insurance companies.
The likes of Ant Financial, ByteDance and Xiaomi are looking to snag one of the licences issued by the Lion City's central bank this year. While competition with existing lenders is expected, analysts say the new players' entrance will help innovate the Singaporean banking industry. Parag Ekbote, head of business development at Oracle Financial Services said banks were slowly waking up to this reality, as they were also looking at partnering fintech companies to enhance the customer experience as competition in the digital banking industry heated up.
According to Venky Srinivasan, Group VP at Oracle Financial Services, "based on our latest joint research with PwC, 71% of SMEs are expected to adopt open banking by 2022. With more and more SMEs demanding rapid funding from banks, AI plays a critical role in drastically reducing origination turn-around times for SMEs. When data is harnessed through AI and analytics, and enabled with the right APIs, banks will become empowered with insights and agile processes to improve SME experiences."
Bank Negara Malaysia (BNM) last month said it would issue up to five digital banking licences, following the release of an exposure draft of the licensing framework for digital lenders. While BNM's move is a step in the right direction, Oracle Financial Services Software Ltd group VP for Asia Pacific Japan and Middle East Africa Venky Srinivasan said Malaysia's digital banks will face several "immediate challenges". He said digital banks need to demonstrate ability to comply, utilise and monetise data in a unified way and to turn compliance into a competitive advantage.
The preferred outcome for the banks without branches would be to gain a respectable market share, with the existing brick-and-mortar banks embracing their disruptive innovation. But tough regulatory compliance standards and high capital requirements mean it will not be smooth sailing. Oracle Financial Services said the Singapore applicants not only have the experience of having delivered technology-led innovation, but also bring in financial muscle. Discover how virtual banks face challenges in journey to profitability.
The banking industry has had its share of money-laundering and fraud schemes over the last five years. These issues have become significant enough for banks to start investing heavily in some form of defence. Find out more about data analytics and automation part of the tool kit for a safer banking environment.
The turn of the new year signals a time of preparation and reorientation for many brokers. Specifically, there are several regulatory requirements and changes likely to present new opportunities and challenges for health care industry stakeholders in the year ahead. Discover how the regulatory developments can influence health care policy in 2020.
New research from Oracle identifies key lessons digital banks in Asia need to heed to deliver better banking. The report "Beyond Digital — Data-Driven Strategies to Grow, Scale and Profit" uncovers important areas for digital banks to consider as they compete to gain market share. The report examines the evolving landscape for both digital and traditional banks in three key Asian markets: Hong Kong, Singapore, and Malaysia.
Banking in Asia is experiencing fundamental disruption driven by the growth of tech giants into the financial services industry, new open banking regulations, and the issuance of virtual banking licenses, according to a new report by PwC and Oracle.
Many health insurance giants aren't sure how to best use AI to their advantage, while others have yet to experiment with it at all. Discover how artificial intelligence and machine learning can improve premium calculations and claims processing.
Technological advances and progressive regulatory environments are encouraging banks to develop open, collaborative ecosystems. Evie Rusman analyses Oracle's latest research into this critical area.
In 2017, Defence Health's legacy PHI platform went down for two weeks because of unforeseen capacity issues with the systems code base. CIO Simon Reiter whipped into action and helped deploy a tactical remediation program. Discover why Oracle Health Insurance was selected as the first private health insurer in Australia to move away from legacy Australian platforms.
Global technology solution provider Oracle has strategies for developing digital banks in Asia to deliver better banking. The report "Beyond Digital - Data-Driven Strategies to Grow, Scale and Profit" uncovers important areas for digital banks to consider as they compete to gain market share.
Parag Ekbote, Head of Business Development - Corporate Banking, Oracle Financial Services, speaks to Channel NewsAsia on the launch of Singapore's National AI Strategy (NAIS) and its impact on the banking industry. AI is going to be the new normal, it's going to be invisible. Coupling AI with the digital experience will allow for hyper-personalisation of banking services and financial management, all focused on your needs. Instead of the current unidimensional interaction. For example, SMEs will be able to get better advice on how to deploy capital or funds.
e27 speaks wtih Venky Srinivasan, Group Vice President - Sales, JAPAC and Middle East, Oracle Financial Service,s on the impact of AI on SME banking and lending. Seventy-one percent of SMEs are expected to adopt open banking by 2022. With more and more SMEs demanding rapid funding from banks, AI plays a critical role in drastically reducing origination turnaround times for SMEs. When data is harnessed through AI and analytics, and enabled with the right APIs, banks will become empowered with insights and agile processes to improve SME experiences.
According to Venky Srinivasan, group vice president, JAPAC and Middle East, Oracle Financial Services, "Digital banks need to look beyond the digital customer experience to utilize data in a unified way, focusing on addressing risk and regulation barriers to growth." This was identified in a research report by Oracle titled "Beyond Digital - Data-Driven Strategies to Grow, Scale and Profit".
What do these prospects mean for the banking sector, and where can institutions double down now to be sure they're in the best possible position when the next slowdown makes its mark? Learn three ways technology can make banks more resilient, helping banks improve overall efficiency, attract more profitable customers, and reduce risk.
Startups magazine features how technology is accelerating innovation with open banking and APIs, increasing the amount of competition in the sector with new entrants.
MoneyGram, one of the world's largest money transfer companies, today announced the expansion of its loyalty program, MoneyGram Plus Rewards™, to customers in France, Italy, Germany, and Spain through its expanding digital platform powered by Oracle Revenue Management and Billing solution.
Leveraging data can drastically reduce origination turn-around times. It can also lower the cost to originate and improve credit quality across the end-to-end origination process. Understand how data is harnessed through analytics and enabled with the right APIs to transform bank lending origination.
Cost-effective, machine learning-based analytical cloud applications enable banks to thwart increasingly sophisticated criminal activity.
Oracle for Startups, Oracle Financial Services, and fintechs collaborate to bring the power of fintech ecosystems to corporate banking.
Quantifind's software-as-a-service (SaaS) solutions for Investigations, customer due diligence, and alerts management will integrate with Oracle Financial Services Financial Crime and Compliance Management, giving Oracle's clients access to next-generation automation and intelligence capabilities directly in their compliance workflows.
FSS, one of India's largest payments processors and a leading global provider of integrated payment products, and US-based Oracle Financial Services will collaborate to enhance digital payments for banks.
This article take a look at concerns around upcoming digital currencies and discusses Oracle Open Graph Technology as an example of one powerful solution for digital currency flows, like Facebook's Libra, that cannot be secured from machine learning using traditional AML technology.
Now available in the UK, Oracle Banking Enterprise Originations solution will help banks and building societies transform residential, buy-to-let and SME mortgage origination.
In this op-ed, Oracle's Venky Srinivasan discusses the critical aspects that need to be achieved for virtual banks to grow, scale and remain profitable.
E27 explores the opportunities and challenges in the new age of virtual banks and highlights findings from a recent global survey conducted by Oracle.
The advent of new, digital-only, virtual bank options has created a sense of urgency for Singaporean banks to build better digital engagement for retail, corporate, and SME customers to ensure customer retention.
Bank Dive's article discusses how traditional banks can create a strategy to "leverage the best of both worlds" - digital and physical distribution - including a perspective from Oracle's Aubrey Hawes on why it's important for banks to invest in an omnichannel strategy that supports in-person and online interactions.
The Asset spoke to Venky Srinivasan, group vice president, Oracle Financial Services, on what the latest move by the regulator will mean for the banking industry in the Lion City. The move towards virtual banks and usage of open APIs help to boost customer value by giving customers choice and understanding consumers’ needs more deeply at every stage of the financial lifecycle.
Digital banks will benefit niche segments of the market that are underserved by traditional banks such as foreign workers, small-and-medium-sized enterprises (SMEs), and a growing mobile-savvy millennial population. But digital banking also comes with the risk of such services being used for crimes such as identity theft and money laundering.
Hear from Venky Srinivasan, group vice president, Oracle Financial Services, on the value of new virtual bank licenses, the critical success factors in running a virtual bank, and how this trend is playing out in Asia and leveling the playing field for innovation.
Increased competition from virtual banks could push incumbent banks to move faster into data-driven strategies to monetize data among participants of new financial services ecosystems beyond the traditional boundaries of the bank itself.
Oracle announced the availability of Oracle Financial Services Anti Money Laundering (AML) Express Edition targeted at small- and mid-sized banks. It provides a single, unified platform to efficiently detect, investigate, and report suspected money laundering and terrorist financing activity to comply with evolving regulations and guidelines.
New Asia Risk and Oracle survey indicates the road to modern finance and risk remains a work in progress in APAC
Blue Prism, a leader in robotic process automation (RPA), and Oracle Financial Services have announced a new integration to automate critical compliance tasks, helping financial institutions in the investigation, resolution, and reporting of financial crimes and suspicious activities.
Oracle Financial Services commissioned an industry outlook report from MIT Technology Review Insights that examines how banks are responding to regulatory changes, market shifts and business model changes as a result of open banking.
New Corporate Banking Solutions Enable Smarter Operations for Credit Facilities, Corporate Lending and Trade Finance
As corporate businesses expand globally, their operations become exponentially more complex. Oracle Financial Services new platform enables banks’ corporate customers to more efficiently manage and monitor their banking accounts.
MKB Bank, Hungary’s fourth largest commercial bank has today announced it is the first in the country to take a leap towards digital and open banking after transforming its entire technology system with Oracle FLEXCUBE.
Invest Banca S.p.A. is the first Italian bank to implement Oracle FLEXCUBE, localized and integrated by banking outsourcer Cabel Industry S.p.A.