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.
If you want to find out more about the innovation brought by Oracle and to read the latest business news in the world, download the Born2Invest mobile app.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
CrowdFundMe starts the placement of minibonds and prepares its first emissions
The Italian equity crowdfunding portal Crowdfundme, listed on Aim, announced that it is preparing the minibond issues of Hal Service...
Bitcoin volume has increased massively
On June 2nd, the Bitcoin price surprised with a jump above the $10,000 mark. The most recent study published by...
Hyloris will be listed on Euronext Brussels
The Liège-based biotech company, Hyloris created by Stijn Van Rompay has just unveiled its intention to be listed on Euronext...
Naturgy redoubles its efforts in ESG and sets environmental objectives for 2020
Naturgy plans to reduce the CO2 intensity of its electricity generation by 22%. 34% of its generation capacity will be...
Bitcoin miners sell more cryptocurrencies than they generate
According to the on-chain analysis portal ByteTree, Bitcoin miners sold 11% more BTC last week than they generated in the...
Featured6 days ago
Why the Fintech sector in Italy has to be further developed
Crypto7 days ago
How is cryptocurrency different from fiat currency?
Crypto6 days ago
The Monero software update is ready to be used by miners
Africa6 days ago
Crowdfunding seen as an innovative post-crisis financing mechanism in Tunisia