Cloud Adoption, the Key to Business Agility
Current market dynamics are testing the agility of financial institutions. Adapting to sudden shifts in business environments requires an IT infrastructure that is secure, dynamic, and scalable. Cloud adoption can provide the resilience to meet changing demands, develop new applications faster, and help improve customer experiences.
A proven cloud infrastructure can become a key ally as banks navigate even the most volatile markets. In a pay-as-you-go cloud environment, the right cloud infrastructure can help reduce IT costs during a downward economic cycle and scale-up demand immediately during an uptick in business. With an expansive datacenter reach, the cloud can ensure business applications and customer data can be accessed remotely, across different geographies, and without impact on performance.
Today, Oracle Financial Services’ suite of modern risk and finance applications are now validated with Oracle Cloud Infrastructure (OCI). These analytical applications are known for their capabilities to proactively manage compliance, risk, treasury, finance, and the front office. Over 300 institutions across the globe rely on Oracle for the stability of their financial systems, including 20 of the 28 global Systemically Important Financial Institutions (SIFIs). With 60+ applications built on a common analytical infrastructure, including a unified data model, computations, and business rules–customers can meet emerging business and regulatory requirements with more agility.
Whether it’s to protect the balance sheet, margins, or to allocate capital better considering this next credit cycle, Oracle Financial Services modern risk and finance applications help you stay focused on your customers and growth amidst rapidly changing market dynamics. It also supports the implementation for new accounting standards like IFRS 17, LDTI or IFRS 9 and CECL, or to ramp up regulatory reporting requirements. With OCI, banks can significantly reduce the time and costs of future application deployments and updates and move to Oracle’s Gen 2 Cloud with an optimized, risk-free experience.
Realize Better Performance and Security
During monthly or quarterly reporting cycles, processing power typically peaks due to computing and storage requirements. Customers on the cloud can expect processes, like the financial close to be faster and less complex. Secure by design, OCI protects data and applications by combining several tiers of defense, including built-in firewalls, encryption from physical hardware to web layer, and more.
Achieve Immediate Cost-Benefits
With OCI, you can reduce your reliance on data center infrastructure and minimize costs by only paying for what you consume and maximize value by matching capacity with business demand. For on-premise set-up, customers would need to scope and plan for worst-case scenarios and procure the requested hardware upfront, adding to maintenance costs. Customers deployed on OCI often require fewer compute servers and storage volumes, reducing enterprise costs by up to 50% compared to other cloud providers.
Your Path Towards Cloud
Modern Risk and Finance applications on the cloud help financial institutions do more with their money and in less time. Data is more accurate, running analytics is more manageable, and reporting is faster, freeing up valuable time for deeper insights and strategic initiatives. The cloud offers a huge opportunity to align the enterprise. It breaks down siloed operations and data to improve revenue generation, increase customer insights, and stay relevant amidst changing economic environments.
Talk to your Oracle representative to learn how options for cloud migration fit into your infrastructure plans and product road map. The entire migration process is a light touch. It only takes a few weeks, enabling customers to realize immediate cost and performance benefits.
To learn more on how you can accelerate your path to the cloud, feel free to message me to explore more or have a conversation.