Innovating Our Way to the New Era of Banking

Human beings might have proven themselves to be good at many different things, but they still don’t do anything better than growing on a consistent basis. This progressive tendency, on our part, has fetched us some huge milestones, with technology appearing as a major member of the group. The reason why technology enjoys such an esteemed stature among people is, by and large, based on its skill-set, which guided us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience from all conceivable directions, but even after achieving such a monumental feat, technology will somehow continue to deliver the goods. The same has ended up becoming a lot more evident in recent times, and assuming Oracle’s latest move pans out like we envision, it will only make that trend bigger and better moving forward.

Oracle has officially announced the launch of Oracle Cloud Banking Services, a suite of componentized, composable cloud native solutions that are designed to give your banking experience a uniquely modern edge. As per certain reports, the suite will start off by offering six different services, including highly scalable corporate demand deposit account processing; enterprise-wide limits and collateral management; real-time ISO20022 global payment processing; API management; retail onboarding and originations; and new self-service digital experience capabilities. Built using elements like OCI’s Oracle Kubernetes Engine, these products are well-equipped to deliver a standalone value, while also boasting enough versatility to work seamlessly with a bank’s existing applications. But what are these services on a more granular level? Well, for instance, we have Oracle Banking Accounts Cloud Service, which basically addresses the ecommerce-caused gap in the current corporate demand deposit account (DDA) solutions. It does so using a brand of scalable demand deposit account processing that has been tested for extreme performance and recorded over 200 TPS per CPU on commodity hardware. Next up, we dig into Oracle Banking Payments Cloud Service, a solution which provides a single engine for real-time payment processing, including cross-border, high-value, bulk, retail, and 24×7 payments. This services gets to be so expansive mainly because of the fact that it is built from ISO20022 canonical data model, and more than 15 leading global payment schemes like SWIFT, SEPA, and plenty others.

“Banks must innovate to succeed in today’s hyper competitive environment,” said Sonny Singh, executive vice president and general manager of Oracle Financial Services. “We have built one of the world’s most comprehensive suites of cloud-native SaaS solutions so that banks of all sizes can innovate with speed, security, and scale without compromising their existing environments.”

Hold on, there is more. The next commodity in the line of new services is the Oracle Banking Enterprise Limits and Collateral Management Cloud Service. This one is created with a sole intention to empower banks to gain a holistic view of their exposure by centralizing the limits definition process and collateral management. By helping banks with exposure tracking, credit underwriting, decisions, and approvals, the solution instantly makes it possible for them to reduce their overall risk. Now, despite working on such a wide-ranging set of services, Oracle didn’t forget to stay mindful about the absolute digital banking service. With its Oracle Banking Digital Experience Cloud Service, the company has made a meaningful bid to conceive ready-to-go corporate and retail banking experiences that enhance customer service. As for how it achieves the established goal, the solution offers customer and product acquisition in addition to omnichannel contextual digital experiences supported by video, chatbot, AI, and natural language processing (NLP)-based engagement tools. Apart from it, this particular product can also work alongside various third-party services so to encourage smooth and well-coordinated procedures.

The suite in question here is understood to have many other services in the fold, and although it’s a diverse set, they all bring an unprecedented value to the wider banking landscape.