Oracle Targets Financial Firms With Financial Services Data WarehouseBy CIOinsight | Posted 01-28-2011
In the midst of the global recession, most businesses put a lockdown on IT spending. No upgraded hardware or software, executives insisted, until we find a way out of this mess. The problem -- or the opportunity, if you're a software or hardware provider -- is that IT infrastructure continued to age in place, until the need for modernization became so pressing that businesses began to open their wallets again.
The Oracle Financial Services Data Warehouse, unveiled Jan. 27, is supposed to play into the pent-up need for new and more modern data warehousing -- at least for financial institutions. Previous data-warehousing models, the company argues, are growing more antiquated and unwieldy by the week. As a replacement, Oracle Financial Services Data Warehouse offers architecture pre-built for rapid deployment and designed to handle those institutions increasingly complex number-crunching needs.
The platform leverages Oracle Exadata Database Machine for processing those complex scenarios. Contextual data-quality checks, paired with the automated removal of inconsistencies across ledgers and books, helps with the inevitable accuracy and consistency issues that arise within a financial institution.
"Improving the quality and consistency of decisions is a renewed priority for major industries," Henry Morris, a senior vice president at research firm IDC, wrote in a Jan. 27 statement provided by Oracle, "as enterprises need to get a better handle on their risk exposure, ensure that they comply with new regulations, and gain the maximum return for each customer interaction."
For more, read the eWeek article: Oracle Financial Services Data Warehouse Aimed at Financial Firms.