Oracle Announces Availability of Oracle Banking Platform
- Today Oracle announced the availability of the Oracle Banking Platform, a comprehensive suite of business applications for large global banks.
- Oracle Banking Platform is designed to help banks respond strategically to today’s business challenges and progressively transform their business models and processes, driving productivity improvements across both front and back offices, and reducing operating costs
- The solution supports banks as they grow their businesses through new distribution strategies, including multi-brand or white labeling, to tap new markets and enterprise product origination supporting multi-product and packages to drive an increased customer-to-product ratio.
- Oracle Banking Platform is designed as a native service-oriented architecture (SOA) platform, helping banks implement key enterprise services, deliver on customer centricity, enrich channel capability, drive process improvement and tie it in with their existing applications and technology landscape.
- Through pre-integrated enterprise applications and the underlying Oracle technology stack, the solution can also help to reduce in-house integration and testing efforts, ultimately, reducing IT costs and improving time-to-market.
- The first release of Oracle Banking Platform includes core banking deposits and loans 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 Oracle’s FLEXCUBE core banking product, which will continue to be sold globally to banks seeking a fully integrated banking solution, addressing the need for universal, commercial banking and international operations.
- “Many banks today are burdened by complex, aging banking platforms and are beginning to look toward technology and platform modernisation as part of their business transformation strategies. However, modernisation is a major investment of time, money and oversight,” said Frank D. Brienzi, Senior Vice President and General Manager, Oracle Financial Services Global Business Unit. “Oracle Banking Platform provides a comprehensive suite of applications that makes the replacement of core systems viable for large banks, enabling strategic choices as well as providing a high level of flexibility and value. We have been very pleased with our strategic relationship in delivering this revolutionary new banking platform with National Australia Bank. Oracle Banking Platform is in production at National Australia Bank’s on-line direct bank (UBank), and we continue to make significant progress planning the conversions of their core retail and commercial banking units.”
- “Core modernisation 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. A significant number of large banks, however, have recently undertaken core modernisation efforts to meet customer demands or improve operating efficiency,” said CEB TowerGroup research director Bob Hunt. “Although a few large banks have elected to use in-house development to modernise their core systems, most banks are electing to implement integrated core systems provided by either global or regional core systems vendors. The core vendors have responded to banks’ needs for a less risky approach to modernisation by using service-oriented architecture (SOA) to componentise their systems, allowing banks to implement single systems or even individual processes within the system.”
- "Oracle Banking Platform forms the foundation of our strategic banking transformation initiative. 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,” said Gavin Slater, Group Executive, National Australia Bank.
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