Oracle Banking Digital Experience

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Oracle’s Digital Banking Platform is a full spectrum and full stack solution that offers ready for business retail, SME, corporate, islamic and open banking functionality through omni-channel touch-point in a modular and cloud ready option. The platform offers superlative and personalized user experience through Oracle Banking Digital Experience across touch-points enabled through Oracle Banking APIs, which are open APIs.

Oracle Banking Digital Experience is a new-age digital banking solution designed to provide one stop shop for digital banking. The solution offers AI and NLP driven product origination which is paired with live video interactive support to enable banks to reach their customers at key decision-making moments in their financial journey. Personalized customer engagement with ready to go consumer functionality like chatbots, support on personal digital assistants like Siri and Alexa, peer to peer payments via iMessage and Facebook Messenger firmly embed banks into a modern customer's everyday life through 400+ interactions. In-built personal finance management and account aggregation tools allow banks to offer customers a 360-degree view of their financials within the bank and on other financial institutions. This helps the bank's customers to plan their financials efficiently and provides banks cross-sell opportunities.

Specialized corporate banking modules support cash management with cash flow forecasting, real-time liquidity management, virtual account management, trade finance, supply chain finance, corporate loan originations management, trade and credit facilities request management, forex, bulk file upload, corporate payments and merchant payments for today’s connected world of the corporate through well-thought out 350+ financial interactions.

Oracle Banking Digital Experience is a standalone core banking product processor agnostic solution, with capabilities to run on multi-entity and multi-host systems. This helps banks to source a customer’s information from anywhere within their organization.

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Oracle Banking APIs is a packaged banking API solution designed to empower banks in the era of open banking. An in-house API ecosystem build can take up to a year for a bank to develop 3 to 4 fully functional, parameterized and secures APIs. The Oracle solution’s API technology embeds identity, entitlement, limits, consent and access management ensuring adopters of the solution, almost instant naturalization into the prevailing open banking ecosystem. Reducing the time to market from a year to a few days. The solution complies with Open banking regulations like PSD2 (Berlin Group Standards), CMA-UK Open Banking and further enables banks to look at open banking as a new channel for revenue generation.

Oracle, has developed an extensive set of banking APIs, leveraging its vast experience of delivering banking software. Oracle Banking APIs are available in purpose designed API taxonomy to enable banks to connect or partner with third party solution developers like Fintechs, other banks and corporate systems. The Fintech Cohort using this solution is 50 Fintech strong and continues to grow. The cohort helps banks to curate a set of banking functionality on Oracle’s digital banking platform to offer their end customers the best digital banking experience.

The solution offers a comprehensive set of more than 1600 ready to deploy RESTful APIs. The solution’s API taxonomy categorizes APIs into Foundational APIs and Business APIs. Foundational APIs provide the functionality required for smooth and secure execution of banking transactions. They consist of security management, access management, alerts, limits management, feedback analysis, and approval functions which also ensure compliance with certain regulatory requirements. Business APIs provide functionality across retail banking, corporate banking, corporate process management, account aggregation and payments.

Design, customize and extend APIs via an API development toolkit enabling banks to build new APIs, manifest REST APIs exposed by the host as open banking APIs. Oracle Banking APIs is an enterprise level API solution with capabilities to provide synergies across an organization. Any API gateway, identity management and security solution can be deployed in tandem with Oracle Banking APIs. The success of any open banking initiative depends on easy discovery and availability of quality API documentation. Oracle Banking APIs has an extensive, easy to discover API documentation on Swagger.

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Key Features

  • Single experience layer for all customer touch points like mobile, wearable, tablet, desktop personal assistant devices
  • Omnichannel originations with social media integration
  • A single solution for retail, SME and corporate banking with account aggregation capabilities
  • Extensive out-of-the-box business functionality- retail, corporate, trade finance, virtual accounts, liquidity management, and Islamic banking
  • New age customer engagement tools like chatbots, support for digital personal assistant devices like Alexa, wearables, personal finance management, P2P Payments via Siri, iMessage, Twitter and QR code
  • SMS and Missed call banking extend the bank’s reach to users without access to the internet
  • Capture Leads and Service requests from customers in a structured format
  • Design personalized and intuitive user experience, with bank user-friendly drag and drop tools that do not need any technical or coding expertise

Key Benefits

  • Open standards-based and responsive omnichannel UX framework to enable consistent and visually appealing UI
  • Drag and drop enabled persona based dashboards configurable by the bank without any programming
  • Flexible core banking agnostic, multi-entity, multi-host enabled solution easily integrates with a bank's existing technology landscape
  • Citizen developer-friendly solution built on open standards enabling banks to utilize existing developer capabilities
  • Inbuilt user management, entitlements management and approvals functionality offers administrators the ability to control access and identify system users with multi-factor authentication
  • New age point solutions like an AI-powered Chatbot, Alexa support, wearable support and Peer to peer payments via voice, social media to dazzle retail banking customers
  • Seamless customer onboarding with the highly configurable originations framework
  • Comprehensive business coverage across retail, SME and corporate banking
  • Account aggregation provides customers a snapshot of all their financial accounts and gives banks an opportunity to cross-sell and originate new customers