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 is helping banks to deliver on their digital strategies including launch new digital brands, digitize processes, modernize digital experiences and launch new innovative digital capability, mobile payments and digital wallets. To help banks become more digitally focused, Oracle announced the availability of Oracle Banking Digital Experience, a new solution that empowers firms to rapidly deliver end-to-end 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. 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,” according to Stessa Cohen, Research Director Gartner.
“The banking landscape is changing very rapidly. 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 delivers the capabilities that banks require to execute their unique digital strategies to enhance customer engagement and experience,” said Sonny Singh, Senior Vice President and General Manager, Oracle Financial Services.
The new solution—built on open standards architecture— brings new comprehensive capabilities to banks seeking a digital transformation—customer and product acquisitions, business services, including payments innovation and customer financial insight. It provides more than 250 business services out of the box, including digital account and loan origination, digital wallets and mobile payments.
“At Suncorp the Oracle Banking Digital Experience will help drive a digital-first proposition, accelerating our digital journey and delivering greater flexibility, accessibility and mobility to our customers. Oracle is partnering with us to launch new digital capabilities into the market in weeks instead of months,” said Matt Pancino, CEO Suncorp Business Services.
“Banks can now launch new digital capabilities that provide brand differentiation, such as enabling customers to apply for and secure a personal loan from the convenience of their smart phone and make payments with the swipe of a finger. Oracle Banking Digital Experience empowers banks to rapidly launch digital brands for customers segments that prefer digital-first or digital-only options,” said Ashwin Goyal, Group Vice President, Oracle Financial Services.
Oracle Banking Digital Experience transforms customer and product acquisition, payments, and customer financial insight. All business services in the new offering are easily consumed in digital experiences by utilizing their RESTful interfaces. This allows banks to leverage the services as an API using their existing user interfaces. The services cover areas such as deposit and loan origination and servicing, wealth management, mobile payments, digital wallets, and merchant payments. As important, the extensible platform creates a flexible environment for banks to drive further innovation.
The offering also provides HTML 5, CSS3, responsive, single page application user experiences built using an open source based user experience framework. This approach gives banks the flexibility create modern experiences with in-market resources that understand how to use these standard technologies. These technologies include knockout.js, jQuery, Sass (Syntactically Awesome Style Sheets), and more.
Oracle Banking Digital Experience is built on Oracle’s enterprise-class security, content and document management, and workflow and works with Oracle’s best-of-breed capability for digital marketing, service, social interaction and big data.