Oracle announced the availability of the Oracle Banking Platform, a comprehensive suite of business applications for large global banks.

Oracle Banking Platform is designed to help banks respond strategically to today’s business challenges and progressively transform their business models and processes, driving productivity improvements across both front and back offices, and reducing operating costs.

The solution supports banks as they grow their businesses through new distribution strategies, including multi-brand or white labelling, to tap new markets and enterprise product origination supporting multi-product and packages to drive an increased customer-to-product ratio.

Oracle Banking Platform is designed as a native service-oriented architecture (SOA) platform, helping banks implement key enterprise services, deliver on customer centricity, enrich channel capability, drive process improvement and tie it in with their existing applications and technology landscape.
Through pre-integrated enterprise applications and the underlying Oracle technology stack, the solution can also help to reduce in-house integration and testing efforts, ultimately, reducing IT costs and improving time-to-market.

The first release of Oracle Banking Platform includes core banking deposits and loans capabilities, as well as enterprise origination and collection for personal banking functionality. Oracle plans to continue to build out further functionality for future releases.

Oracle Banking Platform complements Oracle’s FLEXCUBE core banking product, which will continue to be sold globally to banks seeking a fully integrated banking solution, addressing the need for universal, commercial banking and international operations.

“Many banks today are burdened by complex, aging banking platforms and are beginning to look toward technology and platform modernisation as part of their business transformation strategies. However, modernisation is a major investment of time, money and oversight,” said Frank D. Brienzi, Senior Vice President and General Manager, Oracle Financial Services Global Business Unit. “Oracle Banking Platform provides a comprehensive suite of applications that makes the replacement of core systems viable for large banks, enabling strategic choices as well as providing a high level of flexibility and value.”