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Financial Services Blog
HOW A CONTINUOUS INNOVATION PHILOSOPHY DRIVES ORACLE'S LEADERSHIP IN GLOBAL
RETAIL CORE BANKING TRANSFORMATION
February 16, 2022 | 5 minute read
Tushar Chitra
Vice President, Product Strategy and Marketing
Text Size 100%:
－ ＋
Gartner placed Oracle as a leader in its much awaited Global Retail Core Banking
Magic Quadrant report, supporting our vision of how the right core banking
platform can drive market differentiation and customer-centricity in retail
banking.
I sat down with Vikram Gupta, Group Vice President of Banking Engineering, to
discuss the changing face of Oracle’s Core Banking portfolio. We also reflect on
our focus of continuous innovation through the combination of agile
architectural thinking and deep solution functionality to deliver incremental
innovation and more value out of core banking transformations.
Vikram highlighted how we have continuously built on our deep experience to make
our core banking portfolio the strongest in terms of functionality,
architecture, and success in delivering on today's and the future digital
banking needs of banks.
Continuous innovation, commitment to customer success, and investment are the
mantra that drives our focus
Oracle's Banking solution suite has a continuous product release cycle with
releases once every three months. New functionality, and out-of-the-box use
cases leveraging the latest technologies are delivered to customers on a regular
and uninterrupted basis. As a result, banks benefit from new and incremental
functionality all through the year in a timely and convenient manner.
Our strength in delivering successful outcomes for customers, on-time and on
budget, is based on the partnership and consistent feedback from our customers,
which has helped us develop functionality and innovate at a faster pace. We can
proudly say that we are among the best in the industry for a successful
delivery.
We are always agile in our architecture
We consistently leverage Oracle’s vast R&D resources, and have pioneered many
architectural concepts, like parametrized modular architecture and open APIs at
scale to be at the cutting edge of banking architecture. Today, the Oracle
Banking solution suite is anchored on a microservices architecture designed for
agility and performance. The architecture offers domain-driven design and
microservices that are consumption-ready, consumable at a unit of value, and
designed for the cloud or on-premise. Comprising of business components,
business services, and common infrastructural services, the architecture
abstracts core infrastructural concerns from application development. The
architecture offers complete design, extend, build, deploy and run flexibility
on the cloud or on-premise. Low code capabilities enable banks to extend the
core functionality quickly or completely build new feature sets to meet rapidly
evolving business requirements while minimizing complexity and costs. An
extensive portfolio of pre-integrated domain-driven solution components and
microservices span core banking operations, digital workflows, and experience
layers of the banking technology stack. The architecture enables continuous
upgrades, hyper scalability, streamlined interoperability, 24/7 availability,
powerful performance, and competitive total cost of ownership.
Banking on tomorrow, our core banking is ready to help banks build open,
innovative ecosystems
Oracle helps banks rewire systems to grant APIs a central role, enabling quick
leverage and profitability from the API Economy. 1800+ Open APIs help augment
interoperability and integration with third-party firms and ecosystems. Oracle
enables end-to-end management of APIs and their externalization with the right
operational and financial controls, empowering banks to quickly partner, embed
products and services in extended value chains, and participate in or create
broader ecosystems. In addition, the Oracle ecosystem is constantly enriched
through collaboration with ecosystem partners like fintechs and startups in
identity verification, AI, business spend management, payment workflows, credit
scoring, personal financial management, account receivables, and API
marketplaces. Ecosystem partners collaborate with Oracle and its customers to
discover APIs and services and build extensive and innovative apps and offerings
that complement Oracle's banking solutions or banks' financial services
offerings.
We enable banks to build an experience-centric approach - from inside out
Oracle offers persona-driven experiences empowering a distributed banking
workforce of relationship managers, tellers, customer support executives,
operations managers, etc., with customized experiences that offer relevant
insights, tools, and process automation. Oracle helps banks drive a shift from
transactional interactions to relationship-based engagement at every customer
touchpoint. Machine Learning driven insights provide deep insights and
predictions that help bankers understand customers better, offer them relevant
products and optimize branch operations to improve service quality. Intelligent
credit decisioning helps streamline and automate credit assessments and pricing
for loans. Intelligent voice, chatbots, and automated processes using natural
language processing help bankers improve efficiency, elevate customer
experience, and operationalize them at scale. A seamless integration of data
flow and front-to-back process operations ensures that experiences are
streamlined, fast, and value accretive.
We continue to be a preferred choice for next evolution banking for a broad
spectrum of customers. Over 700 financial institutions across 150+ countries of
different types like universal banks, credit unions, challenger banks,
cooperative banks, Islamic banks, microfinance institutions, central banks, and
development finance institutions have chosen Oracle for core banking. Two
digital challengers and market innovators who have been in the press of late are
setting new benchmarks powered by Oracle.
* W1TTY uses Oracle’s Banking suite for hyper-personalized yet highly relevant
financial services. W1TTY aims to put customers in charge of their finances
by delivering hyper-personalized services at transparent rates. Equipped with
payments, a digital core, microservices, comprehensive open API set, and
cloud-ready architecture, Oracle FLEXCUBE helps WITTY provide digital
services with native apps in a fully mobile-driven experience to customers in
just 13 months. Launching in the fall of 2021, W1TTY will expand its suite of
services, flexibility, and scalability with the latest cloud technology. 'The
role of financial services in the next era is to operate on a more personal
level,' Ammar Kutait, Founder of W1TTY, explains. 'You have to tailor each
offering based on your customer's current financial situation, life
circumstances, and goals.' In Oracle FLEXCUBE, it found a truly scalable
solution that will serve its global ambitions for years to come.
* Airtel, one of the largest telecom providers globally, leveraged Oracle
FLEXCUBE to launch a pure-play digital payment bank in India and Nigeria.
Oracle FLEXCUBE enables Airtel to add millions of banking customers
month-on-month. Customers can open deposit accounts in a matter of minutes.
Oracle FLEXCUBE helps Airtel's Payments Bank run on digital technologies
engineered for mobile banking supporting digital banking operations and
transactions on a vast scale. Airtel can also seamlessly leverage a large
partner ecosystem to deliver full-fledged banking services such as loans and
lines of credit to its customers.
At Oracle Financial Services, we provide banks with a truly digital native core
banking solution that provides critical capabilities for the next evolution of
retail banks, from core operations to flexible workflows and digital
experiences. It enables digital, agile, innovative, and open banking while
significantly optimizing operating costs.
To learn more, visit the Oracle Core Banking webpage, or talk to us.
TUSHAR CHITRA
VICE PRESIDENT, PRODUCT STRATEGY AND MARKETING
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