Oracle launched Oracle Banking Digital Experience, aimed to help banks to cope up with the currently trending digital services.
The company said banks are struggling to embrace and keep pace with digital disruption driven by changing customer expectations and a new generation of fintechs and other brands flooding the financial services market.
Oracle said the new offering will empower firms to rapidly deliver digital experiences while leveraging their existing IT infrastructure investments including their core banking systems.
“Banks that honestly and realistically assess their digital maturity, and create a digital strategy based on such an assessment, will concentrate on developing capabilities that facilitate digital services, rather than automated services,” said Stessa Cohen, Research Director Gartner.
She added that these capabilities require that banks move away from their traditional focus on simply delivering automated transactions toward offering a comprehensive digital customer experience that may include multiple transactions or services.
Sonny Singh, senior vice president and general manager, Oracle Financial Services, said fintechs are disrupting the market by delivering services much faster and with less friction than traditional banks. It is more important than ever for banks to expand their digital capabilities by modernizing their business architecture and technology infrastructure.
Oracle Banking Digital Experience is built on Oracle’s enterprise-class security, content and document management, and workflow and works for digital marketing, service, social interaction and big data.
Separately, Oracle announced its membership of standards organizations IFX Forum and BIAN. IFX Forum and BIAN are two complementary standards development organizations addressing Service Oriented Architecture (SOA) in financial services.
Oracle also announced the launch of Financial Services Revenue Management and Billing Analytics aimed to help financial service providers to deliver better price execution, improve operations and meet revenue goals.
Recently, Azerbaijan’s PASHA Bank OJSC selected Oracle FLEXCUBE to improve its go-to-market time for new products, reduce operational costs and drive growth internationally.
PASHA Bank required a core banking solution that would enable it to stay top in the market, while reducing its operational costs. The bank selected Oracle’s FLEXCUBE Universal and Direct Banking solutions.