Oracle has introduced new cloud-native services to support banks in bolstering their finance and risk management processes.
The new services will help banks to manage risk by reflecting their target risk appetite and limiting exposure.
Banks will be offered highly scalable profitability management and customer analytics, asset liability management, funds transfer pricing, and cashflow forecasting with the newly introduced four services, said Oracle.
The new services are Oracle Financial Services Profitability and Balance Sheet Management Cloud Services, Oracle Financial Services Asset Liability Management Cloud Service, Oracle Financial Services Funds Transfer Pricing Cloud Service, and Oracle Financial Services Profitability Management Cloud Service.
The solutions will assist firms to get better insight into the impact of threats on their businesses, including changes in interest rates, customer behaviour, liquidity, and market rate volatility.
The insights will help institutions to make more effective and data-driven decisions based on early warning signals.
Besides, they will be able to adjust their risk management strategies to avoid crises as well as constantly monitor risk-adjusted performance.
According to Oracle, the cloud services help banks adopt a component-based strategy to modernisation based on their individual business requirements through a microservices architecture, robust APIs, and a single and transparent data layer.
The services can operate standalone, collaborate easily, and coexist with existing applications.
Oracle financial services executive vice president and general manager Sonny Singh said: “Recent events demonstrate that financial institutions have an opportunity and obligation to better use data to understand and manage risk.
“With powerful analytics and AI built-into our new cloud solutions, firms can bolster their risk management, economic stress-testing, and scenario analysis capabilities to mitigate exposure and get ahead of the regulatory response that is likely to come from these banking failures.” In February 2023, Oracle was engaged by Mizuho Bank, the retail and corporate banking unit of Japan-based Mizuho Financial Group to modernise its legacy banking system for international operations.
