Financial Services has traditionally been slow to embrace technological innovation, but rapidly-changing customer expectations mean it must take a pragmatic approach to digital transformation.
Today’s B2B customers expect greater security and service availability, while B2C customers want fast, connected, and personalized omnichannel services. To meet their expectations, finance firms can use blockchain to secure transactions, and AI to automate businesswide functions—including consumer lending, fraud detection, customer service, and more.
In fact, it’s predicted that by the end of 2020, approximately 85% of all business–customer interactions will be handled by AI-powered chatbots.
Data analytics can also help firms capture, contextualize, and regulate data more effectively—using these insights to improve product, service, security, and customer-experience strategies.
Above all, firms can foster greater trust and transparency between customers and providers—and drive business growth.
Oracle supports over 9,000 financial institutions, servicing over 1 billion customer accounts. Each day, we deliver billing for 1 billion debit- and credit-card transactions—and our Autonomous Database remains our key to ensuring secure practices and innovative journeys for our customers. Leveraging advanced analytics, businesses can make better risk-management decisions while reducing costs and speeding operations.
Serving millions of customers each day, Forth Smart is a financial technology (fintech) disrupter that helps convert cash into digital currency at its 120,000 kiosk ATMs that dot local bodegas and schools, even in fishing villages and local community centers.
Using Oracle Autonomous Data Warehouse, the ambitious fintech can now analyze more than 2 million transactions per day in real time—this used to take two to three days. Query response times have also been cut from three hours to just a few minutes, empowering business users to perform more-creative and valuable marketing analysis such as advanced customer segmentation—without DBAs.
What’s more, machine learning (ML) in Oracle Analytics has enabled Forth Smart to double conversion rates through intelligent targeted marketing.
“Oracle Autonomous Data Warehouse has given us the ability to transform into a data-driven company with a powerful analytical platform that also has encryption for cybersecurity.”
Pawarit Ruengsuksilp, Business Development Analyst, Forth Smart
Kingold is a luxury real-estate developer that provides property management and hotel experiences for residents. It was looking to expand its digital services across marketing, sales, customer service, and various businesses by pulling data together in Oracle Cloud. Kingold uses Oracle Autonomous Data Warehouse and Oracle Analytics to allow business users to perform their own market intelligence with company and internet data for new and preowned homes in the major 17 cities in China—without having to buy expensive market reports.
It has accelerated data warehouse projects from six months to just a few weeks and critical financial reporting from 12 minutes to just 41 seconds—allowing IT talent to focus on data analytics and modeling rather than laborious DBA tasks.
“When you make the data work for you, and empower
the people around you, that’s when you become a
digital CIO. Real transformation can’t start until you
start working the data to make changes.”
Steven Chang, Chief Information Officer, Kingold Group
AU Small Finance Bank brings essential banking services to entrepreneurs in rural communities across India—where nearly 200 citizens have no access to a bank account.
Since 2017, the firm has used Oracle Cloud Infrastructure and Oracle Database to provide unbanked areas with access to business finance, complete with biometric verification. As a result, rural entrepreneurs, from farmers to photographers, can fund the equipment they need to grow, and build India’s economy at a local level. Oracle Autonomous Data Warehouse and Oracle Autonomous Transaction Processing are keeping customer data timely, accurate, accessible, and secure.
“By taking our bank-on-a-tablet to remote areas, we’ve
been able to grant nearly a million loans. With Oracle,
we are helping our entire country flourish.”
Ankur Tripathi, Senior VP for Technology, AU Small Finance Bank
AsiaPay is experiencing huge growth among international retailers, by making it easy to standardize their payment flow across currencies, languages, and devices. To defend this position, the company needs the agility to add new payment channels quickly—but it needs to do that without compromising fraud detection, which means analyzing up to 100 data points for each transaction.
Having worked with Oracle for more than 18 years, AsiaPay is now using Oracle Autonomous Data Warehouse to easily migrate complex data to the cloud. There, machine learning can help to stop fraud in real time, freeing the company to create innovative new services.
“Fierce competition means that we need to continually
explore new ways to support increasingly diverse payment
methods, channels, and experiences.”
Isaac Leung, Senior IT Manager, AsiaPay
As India’s economy grows, its billion citizens need an increasingly diverse range of financial services—creating a fiercely competitive banking market. Federal Bank is in the vanguard, with 1,276 branches, and almost 25% retail growth in 2019.
The success is built on creating a sophisticated mix of services that match its customers’ changing needs. And the bank gains that deep customer understanding by using Oracle Autonomous Data Warehouse and Oracle Analytics Cloud together on Oracle Cloud Infrastructure. The result is the secure, high-performance database a financial institution demands—with the insight and flexibility to see new opportunities, and react fast.
“For us, analyzing and understanding customer data is the bread, butter, and jam of everything we do as we look at future decisions. Oracle Autonomous Database is at the core of that.”
Shalini Warrier, Executive Director, Federal Bank