Combining Industry Expertise, Vertical, Horizontal Solutions | Oracle Industries EVP Mike Sicilia on Financial Services

Cloud Wars Live with Bob Evans

How Oracle Brings Horizontal, Vertical Solutions to Bear for Financial Services Industry

The Big Themes:

• Shifting needs for financial services companies: Generational shifts are taking place, explains Sicilia. Traditionally, banks have "built a lot of it themselves on top of bespoke systems." As such, it can become expensive and "non-elastic" to maintain these systems. The combination of Oracle's ERP and its core banking system is something that big banks are leaning into very heavily.
• Fusing horizontal and vertical capabilities into one: In order to provide customers with the right "mix," Oracle is combining its vertical and horizontal capabilities into one for healthcare and financial services customers. "I think in every regulated industry that we operate in, you'll see a similar pattern follow, where we add vertical-specific technology that complements our vertical operating technologies into the horizontal applications as well," notes Sicilia.
• Legacy companies in the "New World": Oracle, considered a legacy company, is able to "play in the modern, New World," by bringing the best of traditional technology abilities forward along with its industry expertise. By applying cloud technologies, and a greater means of digital capabilities, Oracle is contributing a new level of intimacy between customers, partners, and businesses.

The Big Quote: "One of the ones that makes a tremendous amount of sense that we're seeing great traction, and is the combination of ERP, plus our core banking system, right? I mean, really, if you think about ERP as the center of what you do in business, no matter what the business is that how do you integrate that with a vertical application, you know, in different verticals, or different touch points, but that core general ledger, right, that core ERP, and how do you integrate with that... you know, that's where we're seeing big banks lean in very heavily. And what they like is the fact that we can bring an entire solution to the market, right? Because what happens is that integration makes most sense, right? But if you have too many providers involved, the integration ends up becoming the problem for the customer... so that's been, that's been a pretty popular topic among our large banking customers, this integration between our core banking systems, cloud systems, and fusion ERP."