Oracle's new Financial Services Global Business Unit will provide an integrated suite of standards-based industry specific applications for banks, insurance companies and capital markets firms. The company also introduced new solutions for the financial services market that deliver Oracle’s industry-leading software across an open IT infrastructure.
With more than 12 000 employees and 300 products, the business unit is based in New York City and is focused on delivering adaptive business processes for the financial service industries as customers move to commercial off-the-shelf software. It combines industry-best practices, with pre-built, sustainable integration across applications built on a service-oriented architecture (SOA) that provides a framework for continuous innovation. Customers will also have access to the most comprehensive range of vertical applications for financial services, together with a rapidly growing community of Oracle financial services experts and partners to ensure effective solution delivery. Together with an ecosystem of over 2,100 partners, Oracle currently serves 8 500 financial services customers.
“Oracle continues to build on its financial services leadership by delivering new solutions that help empower Financial Institutions to enhance customer intimacy, build competitive advantage, reduce costs and mitigate risk,” says Rajesh Hukku, Oracle senior vice-president and GM: Financial Services Global Business Unit. “Further, Oracle’s application infrastructure enables organisations to focus on enterprisewide business processes, delivering increased, measurable
support for corporate objectives.”
Central to Oracle’s strategy to provide a seamless infrastructure and application platform for financial services is Oracle Application Integration Architecture – an open, standards-based platform for business process management across Oracle, third-party and custom applications. Oracle Application Integration Architecture features pre-built integrations across Oracle Enterprise Resource Planning (ERP), customer relationship management (CRM), i-flex’s Flexcube, Daybreak and
vertical industry applications using a common object model and an open, Business Process Execution Language (BPEL) platform based on Oracle BPEL Process Manager.
Executing on this approach, Oracle today announced its Process Integration Pack for Banking Account Origination. This solution will provide pre-integrated business flows between Siebel CRM and Flexcube, allowing banks to speed deployment of a complete front-to-back-office solution and accelerate their return on investment. The integration pack also includes processes that make it easier for banks to achieve a single view of the customer, streamline account opening and fulfillment processes as well as facilitate selective service request management.
Expanded Oracle and i-flex pre-configuration is simplifying implementation and management of global applications. Today, Oracle and i-flex announced that the latest release of Flexcube, is now certified with Oracle Access Manager, a key component of Oracle Identity Management and Oracle Fusion Middleware. This certification helps financial services institutions to more effectively protect and secure Flexcube deployments by creating centralised, consistent access policies using Oracle’s leading identity and access management solutions
Oracle’s front-office applications provide a customer centric, multi-channel approach to delivering sales, service and financial transaction support enabling financial institutions to unlock the value of each customer interaction.
Recently introduced applications tailored for the financial services industry include:
* Oracle Claims is a comprehensive solution that delivers end-to-end Web-based management of the entire insurance claims lifecycle. Oracle Claims enables straight-through-processing, helping insurance carriers reduce claims resolution time and costs. It also supports rules-based claims processes that drive best practice enforcement and helps carriers streamline compliance and enhance customer service.
* Siebel CRM On Demand Financial Services Edition – Wealth Management Solution is the first hosted CRM solution designed specifically for financial advisors. It enables financial planners and wealth advisors to better leverage their clients’ profile and portfolio information to identify cross-sell and up-sell opportunities, improve customer retention and increase wallet share with their customers. Incorporating best practices in the financial services industry, Siebel CRM On Demand Financial Services Edition – Wealth Management Solution empowers advisors with the tools and insight to optimise their production and assets under management.
* Oracle Financial Services Profitability Analytics enables banks to use business intelligence tomore effectively manage their operations and business performance through insight-driven actions, while reducing total IT cost and complexity. Oracle Financial Services Profitability Analytics integrates Oracle Financial Services Applications (OFSA) and Oracle Business Intelligence Suite Enterprise Edition 10g Release 3 (Oracle Business Intelligence Suite EE). The integrated solution – which allows access to information through virtually any medium, including alerts, dashboards, reports and RSS feeds – helps users understand how actions taken in one area of the business affect the performance of other areas. As important, out-of-the-box integration helps to facilitate deployment and reduce total cost of ownership because it eliminates the need for custom-built interfaces between OFSA and Oracle Business Intelligence Suite EE.