Bob Evans interviews Mike Sicilia, Executive Vice President, Oracle Industries, to discuss the industry-specific capabilities that Oracle delivers across financial services, retail, healthcare, and food and beverage industries. Additionally, Sicilia explains how Oracle joins its horizontal and vertical industry capabilities together to meet customer needs, and how the cloud provides customers with the flexibility and elasticity they require today.
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 heavily.
- Fusing horizontal and vertical capabilities: 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:” While it’s sometimes referred to as a legacy company, Oracle is able to “play in the modern, New World,” by bringing the best of traditional technology capabilities forward along with its industry expertise. By applying cloud technologies, and greater digital capabilities, Oracle is contributing to creation of 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 in is the combination of ERP plus our core banking system. If you think about ERP as the center of what you do in business, no matter what the business is…how do you integrate that with a vertical application in different verticals, or different touch points, but that core general ledger, 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. Because what happens is that integration makes the most sense. But if you have too many providers involved, the integration ends up becoming the problem for the customer…That’s been a pretty popular topic among our large banking customers, this integration between our core banking systems, cloud systems, and fusion ERP.”