This chapter includes information about Oracle Financial Services Analytical Applications (OFSAA) and Oracle Financial Services Data Integration (OFSDI).
Topics:
· Oracle Financial Services Analytical Applications (OFSAA)
· Oracle Financial Services Data Integration
In today's turbulent markets, financial institutions require a better understanding of their risk-returns, while strengthening competitive advantage and enhancing long-term customer value. Oracle Financial Services Analytical Applications (OFSAA) enable financial institutions to measure and meet risk-adjusted performance objectives, cultivate a risk management culture through transparency, lower the costs of compliance and regulation, and improve insight into customer behavior.
OFSAA uses industry-leading analytical methods, shared data models, and applications architecture to enable integrated risk management, performance management, customer insight, and compliance management. OFSAA actively incorporates risk into decision-making, enables to achieve a consistent view of performance, promotes a transparent risk management culture, and provides pervasive intelligence.
OFSAA delivers a comprehensive, integrated suite of financial services analytical applications for both banking and insurance domains.
The Financial Services Analytical Applications Infrastructure is comprised of a set of frameworks that operates on and with the Oracle Financial Services Analytical Applications Data Model. This infrastructure delivers metadata across the stack and provides a single set of computational engines, stochastic modeling methods, and business rules. Data Integration Hub allows the financial institution to source data from multiple source systems to OFSAA required for analytical processing and reporting.
OFSAA Infrastructure is the foundation for Oracle Financial Services Analytical Applications (OFSAA). It provides support for User Administration, Metadata Management, a Processing Framework, a Forms Framework, and additional capabilities, necessary for the individual business applications of OFSAA packs, across the domains of Risk, Performance, Compliance, and Customer Insight.
The Data Integration Hub enables data exchange between OFSAA and external systems. This is facilitated through logical abstraction of the OFSAA Data Foundation (Financial Services Data Foundation and Insurance Data Foundation) exposed as Application Data Interfaces (ADI). External Data Sources (EDS) and External Data Descriptors (EDD) are defined through the DIH user interface, which also facilitates the mapping of EDDs to ADIs, forming Connectors.
OFSDI Application Pack includes the following applications:
Oracle Financial Services Data Integration Application pack includes Financial Services Analytical Applications Infrastructure, Financial Services Data Integration Hub application, and four prebuilt interfaces such as AHCS for Banking and Insurance, FLEXCUBE, Oracle Banking Platform (OBP), and Data Relationship Management (DRM).
· Oracle Financial Services Data Integration Hub (DIH): The Data Integration Hub enables data exchange between OFSAA and external systems. This is facilitated through logical abstraction of the OFSAA Data Foundation (Financial Services Data Foundation and Insurance Data Foundation) exposed as Application Data Interfaces (ADI). External Data Sources (EDS) and External Data Descriptors (EDD) are defined through the DIH user interface, which also facilitates the mapping of EDDs to ADIs, forming Connectors.
DIH publishes information on ADI, EDS, EDD, and Connectors, alongside other relevant metadata, to Oracle Data Integrator (ODI), which delivers high-performance data movement and transformation among enterprise platforms with its open and integrated E-LT architecture and extended support for Big Data.
· Oracle Financial Services Accounting Hub Cloud Service (AHCS):
· Accounting Hub Cloud (AHC) is an accounting integration and reporting platform in Oracle Cloud that includes products, such as sub-ledger Accounting, Ledger, and Financial Reporting Center. AHC is an accounting integration platform. It standardizes the accounting from multiple third-party transactional systems to consistently enforce accounting policies and meet multiple reporting requirements in an automated and controlled fashion. AHC includes a rules repository to centrally define and maintain accounting rules, a rules transformation engine to create, validate and store the accounting journals, and a detailed accounting repository that is used to reconcile to the source system.
§ Integration for Banking:
Accounting Hub Cloud Service Integration for Banking is an accounting integration platform that allows customers to integrate and standardize banking accounting from non – Oracle transactional systems to create accounting entries in any general ledger with the Oracle Accounting Hub Cloud environment. It has seeded sub-ledgers related to banking which can be integrated with the Accounting Hub Cloud environment.
§ Integration for Insurance:
Accounting Hub Cloud Service Integration for Insurance is an accounting integration platform that allows customers to integrate and standardize Insurance accounting from non–Oracle transactional systems to create accounting entries in any general ledger with the Oracle Accounting Hub Cloud environment. It has seeded sub-ledgers related to insurance that can be integrated with the Accounting Hub Cloud environment.
· Oracle Financial Services Oracle FLEXCUBE Universal Banking (FCUBS) Interface: Oracle FLEXCUBE Universal Banking (FCUBS) supports the changing landscape of retail, corporate, and investment banking needs with strong transaction banking and Islamic banking capabilities.
The current FCUBS-OFSAA interfaces transfer all key data elements across various modules within FCUBS to OFSAA Common Staging Area (CSA).
The integration between the Oracle FCUBS and the OFSAA enables the financial institutions to:
§ Get insight into customer patterns based on the data captured in core banking.
§ Achieve end-to-end improvement in business delivery.
§ Achieve effective performance and risk-free management using the available customer data.
This integration is achieved by handing off FCUBS core banking data with OFSAA through FLEXCUBE Information Server (FIS) and DIH.
· Oracle Financial Services Oracle Banking Platform (OBP) Interface: Oracle Business Platform (OBP) is designed to help banks respond strategically to today's business challenges and progressively transform their business models through industrialized business processes, driving productivity improvements across front and back offices, and reducing operating costs. It supports banks' growth agenda through new distribution strategies including multi-brand or white labeling to tap new markets and enterprise product origination supporting multi-product and packages to drive an increased customer-to-product ratio.
· Oracle Financial Services Data Relationship Management (DRM) Interface: Oracle Data Relationship Management (DRM) helps proactively manage changes in master data across operational, analytical, and enterprise performance management silos. Users may make changes in their departmental perspectives while ensuring conformance to enterprise standards.
· Oracle Financial Services Data Integration With Unity: Unity allows its subscribers to combine customer data from online, offline, and third-party sources to create a single, dynamic, real-time view of each customer. Oracle Unity Customer Data Platform also supports the application of machine learning to prescribe the best next action within any existing business process. It supports a host of functions including unified customer profile, profile enrichment, smart segmentation, customer analytics, and rendering of personalized customer experience. Unity Integration identifies and exchanges data assets for customers or parties, party accounts, products, relationships, and transactions between OFSAA and Unity. This includes customer or party, behavioral intelligence, advertising, marketing, and campaign information, alongside quantified financial metrics and related information. Such financial metrics primarily include retail customer performance and related analytics.