Oracle’s Cloud-Powered Banking Services to Modernize Financial Ecosystem

The financial world has evolved dramatically in recent years, with cashless transactions receiving significant support from technologically advanced platforms. Neobanks, smart contracts, blockchain, and other innovations have helped to reshape banking and finance with digitization at the core.

According to the PwC report, the global scale of cashless transactions is expected to rise by 80% during the period 2020 to 2025. With such massive advancement in the sector, there are certain lags for financial institutions that require a fix when modernization is at its peak.

The significant surge in transactions underscores the critical need to revamp systems to meet the escalating demand. Financial institutions exhibit limited patience for technology transformation projects that stretch over the years. Retiring technical debt is one aspect that is ignored by many.

Oracle has been a major technology contributor to aid banks in innovating more swiftly and cost-effectively in a lesser-risk setup. The availability of different modules, especially the Oracle Banking Cloud Services, has benefited several banking and financial institutions for years now.

Oracle Banking Cloud Services are designed with great care to meet the growing demand for cloud-native Software as a Service (SaaS) solutions. This is because banking IT needs to be proactive in meeting these demands. Based on Oracle Cloud Infrastructure (OCI) and supported by the microservice-based architecture of Oracle Banking, these native cloud services are a powerful enabler for banks looking to accelerate their modernization efforts. Interestingly, the strategy aims to eliminate technical debt rather than just swapping it for something else. This guarantees that banks successfully streamline their operations for long-term success in addition to keeping up with changing requirements.

Major Offerings After Deploying Oracle Banking Cloud Services

Here are some of the USPs of Oracle Banking Cloud Services that should be understood.

Agility and Speed in Transformation

Conventional technology transformation projects frequently encounter difficulties, with protracted schedules and little progress made over time. Oracle deviates from this norm by providing a solution made to give banks the agility, speed, and significant change they need to move into the future. Financial institutions can more easily adjust and change thanks to cloud-based services, which guarantee they won’t fall behind in a constantly shifting environment.

Improved Customer Experience

One of the most important features of Oracle’s Cloud-Powered Banking Services is its steadfast dedication to improving customer satisfaction. In a world where customer demands are ever-changing, the services enable banks to provide smooth, safe, and customized experiences. Financial institutions can improve customer satisfaction and foster closer relationships with their clients by utilizing the newest cloud technologies.

Quick Addressal of Root Causes

Oracle is aware that tackling the underlying causes of the problems financial institutions face is necessary for real transformation. Not addressing the root cause of the problem — technical debt — makes many initiatives fail. Oracle’s Cloud-Powered Banking Services solve the fundamental issues impeding advancement, offering a comprehensive solution that goes beyond the obvious. Financial institutions can facilitate long-term development and innovation by paying off their technical debt.

Oracle Test Automation for Staying Market-Ready

Utilizing Oracle test automation enables organizations to conduct comprehensive testing within a condensed timeframe. In essence, Oracle test automation is focused on achieving end-to-end test coverage through the implementation of automated tests on applications hosted on the Oracle Cloud.

In today’s business landscape, the significance of Oracle Test Automation cannot be overstated, and here’s why:

• Streamlined Testing for Business Process Changes: Oracle Test Automation offers an efficient mechanism to test alterations in financial & banking applications prompted by the introduction or modification of business processes. This ensures a thorough examination of the impact of changes on application functionality.
• Comprehensive Testing for Critical Integrations: The automation framework provides an end-to-end and efficient testing methodology, particularly valuable for verifying critical integrations between Oracle Cloud banking applications and third-party applications. This comprehensive testing approach ensures the seamless functioning of integrated systems.
• Robust Security and User Privileges Testing: Oracle Test Automation proves highly effective in evaluating banking application security and user privileges, especially in the aftermath of significant Oracle updates. This helps in identifying and rectifying any potential security vulnerabilities or privilege issues, ensuring the integrity and safety of the applications.

A smooth implementation of Oracle Cloud-Powered Banking Services depends on choosing the appropriate testing partner. Oracle testing partners are essential to verify the effectiveness, dependability, and security of the solutions that are put into place. Having hands-on experience together with proficiency with Oracle technologies highlights top-notch testing services.