Oracle launches a new unit to accelerate innovation in Italy

The Oracle Global Business Unit for Financial Services presents itself to the Italian market with the aim of helping financial institutions, insurance companies and fintech realities to accelerate the path of innovation and adoption of modern finance models, able to overcome the complex challenges that the sector has to face.

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How Oracle for Financial Services works

Oracle Cloud offers a complete suite of integrated applications for Sales, Services, Marketing, Human Resources, Finance, Supply Chain and Manufacturing, as well as highly automated and secure second generation infrastructure services, including Oracle Autonomous Database.

With this dedicated Business Unit, Oracle offers the banking sector consulting services and a technology platform that leverages 67 applications and services, on-premise or in the cloud. That allows each customer to build their digital transformation step by step, taking full advantage of the potential of emerging technologies such as AI and Machine Learning.  This makes up end-to-end and integrated solutions for retail, corporate & investment banking, insurance, and asset management.

Risk & Finance: at the heart of financial institutions and their relationship with the market

“The proliferation of different systems and technologies used by the actors involved in financial processes, and the different ways of understanding and communicating information have traditionally created many complexities and costly errors in financial management. What’s more, the absence of a single data source that can be used across the board has prevented us from making the best use of the information available to improve business processes and consequently make more profits,” explained Antonio Colasante of Oracle. “Today, given the complexity of ever-changing economic scenarios, this situation is no longer sustainable, and the regulatory evolution of the industry that pushes towards transparency, standardization, the guarantee of unambiguousness, and correct data management demonstrate this. With our proposal, we want to offer customers the opportunity to overcome inefficiencies and inadequacies in their processes, making “compliance” no longer just a cost, but a profit engine,” Colosante concluded.

Oracle’s Risk & Finance platform collects risk data, financial data, regulatory and compliance requirements, and customer data in a single data platform. This creates a “single source of truth” for richer data that can be used to make more accurate decisions and identify new revenue sources.

Through powerful, industry-specific analytics applications, in particular, Oracle provides the tools to help minimize the impact of regulatory change with solutions that can easily be expanded and integrated to meet new demands.

Crédit Agricole Vita chose Oracle Insurance Analyzer

In Italy, Crédit Agricole Vita is using Oracle solutions, and in particular Oracle Insurance Analyzer, to comply with IFRS 17 financial reporting standard.

Lorenzo Bordogna, Chief Financial Officer of Crédit Agricole Vita and Crédit Agricole Assicurazioni, commented on this choice: “In the analysis that led us to choose Oracle, we considered the synergies with the other company tools and, in particular, with the ERP platform, in this case also provided by Oracle. We then realized that Oracle Insurance Analyzer also fits well with the actuarial tools that we use “upstream” of the reporting processes. This aspect is also very important because it facilitates collaboration and cooperation between the different business areas that are involved in the project to comply with IFRS 17, i.e. the finance function, the actuarial function and the IT function that have been involved from the beginning on all aspects to achieve the necessary, full integration.”

Profitability and compliance in the management of risk data: BCBS regulation 239

The latest innovation introduced in the Oracle platform is related to the BCBS 239 regulation on the management of customer data related to financial risk. The quality, reliability, and completeness of this data is crucial to ensure proper governance, and the regulations require financial institutions to comply with standards for IT infrastructure, risk data aggregation, and reporting.

With the use of technologies such as Artificial Intelligence and Machine Learning, companies in the financial and insurance industries can equip themselves with tools that improve their ability to react to market fluctuations and achieve greater business benefits.

By unifying all available data – structured and unstructured, already processed in an automated way or still included in manual processes – into a single data platform, and applying ad hoc algorithms, it is possible to conduct scenario analyses based on a complete visibility of credit exposure and the evaluation of potential commercial and debt side effects.

On this basis, organizations can make better decisions on credit and liquidity risks, as well as gaining a much deeper understanding of their clients and being able to deploy growth strategies. By adopting this approach in a single platform, the investments needed to comply with industry regulations become an integral part of a process of innovation and digitization of finance that is indispensable for competitiveness.

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(Featured image by jarmoluk via Pixabay)

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First published in NETWORKDIGITAL 360, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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