Dynamics of a Fit-for-Purpose Cloud Model – Oracle’s Perspective

August 22, 2023
Season 4, Episode 31

The final podcast in a five-part series on Oracle’s fit-for-purpose banking platform. This episode examines the critical aspects customers look for: implementation, adoption, and operation of the fit-for-purpose platform. It also details best practices that drive sustained success. With Oracle Vice President of Cloud Engineering Venu Mantha, Oracle Cloud CTO Yonas Yohannes, The Hackett Group Principal Joe Nathan, and The Hackett Group Manager Matt Williams.

Welcome to The Hackett Group’s “Business Excelleration Podcast,” where week after week we hear from experts on how to avoid obstacles, manage detours and celebrate milestones on the journey to world-class performance. This episode is hosted by Joe Nathan, principal at The Hackett Group. Today’s episode is the fourth in our series focusing on Oracle’s fit-for-purpose banking solution. As the final episode in the series, this episode discusses critical aspects customers look for, implementation, adoption and operation of the fit-for-purpose platform. Joe is joined by Oracle’s VP of Cloud Engineering Venu Mantha and Cloud CTO Yonnas Yohannes. They are also joined by Matt Williams, manager in The Hackett Group’s Transformation practice.

To begin, our guests share how Oracle helps to guide institutions along the integration journey. Oracle has been side by side with some clients for decades, aiding in their continuing transformation to modern institutions. As technology changes, they hold onto the banker and fintech mentality to construct a solution and provide an organizational philosophy focused on risk and compliance regulatory constraints and resilience. Then, they speak about the blurring lines between traditional banking institutions and the newly emerging fintech organizations. The goal of Oracle is to extend the core banking applications with modern technologies. Oracle offers a platform for banking clients to gain efficiency. They also boast partnerships, which make for high-performance computing, promoting greater ease and reducing costs for users. Their priority is to stay on top of the changing dynamics of the marketplace, and develop a deep understanding of their clients and markets. Understanding the customer they are working alongside has proven critical for their success.

Next, our guests identify the key attributes of Oracle’s fit-for-purpose banking platform, which makes it easier for banks to implement it. The best strategy for implementation is to think about people, technology and process in unison. This includes the ability to work internally, the tools Oracle provides and the best practices they bring to tackle change management. The implementation is predicated on the technology they have built up front with their understanding of the industry and the fact that Oracle’s mindset encapsulates a banker’s mindset. Don’t miss Oracle’s recommended approach for implementation of their fit-for-purpose platform to minimize risk. Thanks to their core banking experience, Oracle is uniquely equipped with the knowledge of how to respond to specific concerns and possible challenges. Thus, they are able to approximate the risk profile for an organization. Oracle strongly recommends that clients establish a specific center of excellence to aid in their implementation journey. Without the partnership between information technology and the organization as a whole, customers may not get the full value of a transformation.

Then, they dive into the best practices and approaches for managing organizational change and successful adoption of the platform. Change management is a critical key factor in this journey. Without it, the success of the transformation will not be as successful as it could be. Partnerships among logistic system integrators, advisors and other organizations are key in realizing the true value of the change. Organizations shouldn’t put all of their focus into just the technology aspect of the transformation. It is critical to develop a training and support network, which allows users to understand the benefits of the new platform and learn how to function in that new environment. In closing, hear how Oracle is taking security to the next level.

Time stamps:

  • 0:56 – Welcome to this episode hosted by Joe Nathan.
  • 2:10 – How Oracle’s fit-for-purpose banking platform addresses the integration journey.
  • 6:52 – Bridging fintech with traditional banking.
  • 11:16 – Key attributes of the ease of implementation of Oracle’s platform.
  • 16:08 – Recommended approach to implementation.
  • 20:18 – The challenges clients face upon implementation.
  • 27:35 – Best practices for managing organizational change and successful adoption.
  • 30:48 – The Hackett Group’s own dashboard for transformational change.
  • 39:02 – Thanks for joining us for this miniseries.