For an industry that’s been around for centuries, finance and banking certainly has changed a lot in just a few years. Driven by the pace of technical trends such as mobile banking and online FinTech, as well as changing industry expectations from a growing Millennial client base, today’s financial and banking institutions need to act decisively in order to stay ahead of disruptors.
Start planning your next move when you understand the three top challenges the finance/banking industry faces, and how the right Oracle consultant can help you overcome your obstacles.
Challenge #1: Utilizing New Technologies
From wearable technologies to the Internet of Things (IoT) to artificial intelligence and cryptocurrencies running on blockchain, there are a lot of new technologies crowding for your attention in the finance space. There’s also a lot to learn about.
Today’s digital tech offers your industry unprecedented growth opportunities through the use of partner networking and API integrations (creating apps that connect to other apps), but to take advantage of new markets and options, you need to have the right technological platforms in place.
Have you recently found yourself asking questions like, Which technologies are the best choices to focus on first? What can my bank or financial services company do to leverage these new technologies? You’ll be glad to hear that there’s an easy way to get the clear answers you need: Ask for help.
When you want to learn about the most advanced digital solutions for finance and banking, Oracle consultants can offer you the information you need so you can confidently choose the solutions that are right for you.
Expert Tip: The best consultants can help you intelligently integrate your cross-channel data securely, so you can deliver better customer service over the Internet and get better insight into client behaviors enabling you to an increase in sales.
Challenge #2: Increasing Efficiency to Reduce Costs
Once you know how to collect more data through digital devices, tap into new markets using APIs, and expand your capabilities into the emerging cryptocurrency space, you’ll have a new top challenge: affordably storing all the data you’ve collected.
Due to security concerns and a reliance on legacy software, the financial and banking industry tends to store data on physical servers – and paying for physical storage space in the Age of Big Data can add up quickly.
Most banks and financial services companies are interested in taking advantage of the cost savings and increased flexibility that cloud solutions offer, but they aren’t sure about the reliability and security of their options.
New innovations in IaaS (infrastructure as a service) can cut down on storage costs with virtualized, highly elastic storage and resources, and PaaS (platform as a service) can help you tap into easier, faster custom development with less effort.
Expert Tip: The right Oracle partner, with extensive industry experience, can help you determine how to allocate your resources properly so you can balance growth, performance, and reliability with ease.
Challenge #3: Meeting Shifting Regulatory Needs
We’ve been talking a lot about new tech, new data, and new storage options… but these changes all need to work with the new, constantly changing regulations in the banking and finance industry.
Facts are facts, and the past few years have seen a worrisome increase in data thefts, hacking incidents, and other breaches, so security is one of the top challenges that you’ll need to address in order to grasp the new opportunities available to you through technology.
When those in finance and banking use Oracle products to maintain their regulatory compliance and rock-solid security needs, they have a range of options to safely choose from. In fact, Oracle IaaS migrations are an especially popular option for the banking and finance industry because this option empowers you to flexibly maintain your approved workflows while continuing to integrate your RegTech properly.
Expert Tip: A small number of Oracle partners are certified to handle everything from consultation to migration to ongoing hosting for their clients. When you choose one of these highly capable consultants, you’ll have one company overseeing all your security and compliance needs so you can ensure you stay on track.
The Right Way to Plan Your Finance and Banking with Oracle
For companies in finance and banking, an Oracle package, when set up properly, can help solve many of the top challenges in your industry. But choosing the right Oracle consultant matters.
For 20 years, Centroid has focused on building the largest Oracle consulting team of full-stack experts, with the widest range of industries served – including many satisfied customers in the financial sphere. Simply put: we’re the consultant of choice for your highly specific needs.
Contact Centroid to learn more about the new advances available for finance and banking from Oracle, and how you can best leverage them to stay a leader in your industry.