Oracle rocked banking platform deals in ’08

Updated: June 10, 2009

Sounds pretty good. But what the heck does this really mean? Forrester defines global power sellers as those boasting "more than 35 new banking platform clients in at least six regions of the world in 2008." Randomness aside, Oracle was one of the lucky few (actually one of two) out of 17 vendors of globally deployed banking platforms surveyed for the report to meet this criterion. They scored 62 total deals with new clients, 20 more than the nearest competitor, Temenos, according to Forrester's Global Banking Deals: Setting the Stage In a Maturing Market.

The report cites Oracle as a top-tier financial services vendor based on report evaluation criteria including banking platform functionality and banking-specific functionality, which only involved new deals signed in 2008 with named customers. Interesting to note, SunGard is making a splash by moving into the group of challengers that includes Infosys Technologies, SAP, Tata Consultancy Services Financial Solutions, and Nucleus Software.

Financial services firms all over the world are looking to renew their application landscapes. The report concluded that in many cases, antiquated application dinosaurs prevent delivering sufficiently flexible business solutions at a reasonable cost — within an acceptable timeframe and with sound quality. Both banks and other financial firms now have to decide whether to build, buy, or pursue a combination of the two. Forrester says the most common banking platform renewal scenarios range from homegrown or "best-of-breed environments" to mainly off-the-shelf applications.

Interest in banking platforms is likely to rise, Forrester says, because there's a need to build a banking platform after a complex merger or acquisition or the need to consolidate operational costs for a bank's international subsidiaries.

Featured Research
  • Can Gamification Improve Contact Center Performance

    We have all heard the phrase "all work and no play". Well, would you believe us if we were to tell you that by implementing gamification you can INCREASE contact center engagement, morale, and overall performance? Spoiler alert: 89% of contact center employees believe that a point system within their contact center would boost their engagement! more

  • [Infographic] 8 Common Pain Points UC Eliminates

    Every company has moments of frustration, it is when these moments become extended periods of inefficiency, or pain points, where we start to see loss in productivity and employee morale. What truly sets a successful business apart from those of its competitors, is how they take these pain points and use them as opportunities to improve upon procedures and systems to eliminate pain points and move beyond what was the status quo. more

  • Go VoIP and Go Green

    You may be looking to switch to VoIP because of the cost benefits that it will bring your company, but did you know that it is also FAR BETTER than traditional phone systems for the environment as well? With environmental impact being at the forefront of both consumer and business minds, it is essential that business decisions are made now based on economic AND ecological impact. more

  • 10 Steps for Creating an Accurate Call Center Forecast

    While other customer service channels are gaining traction, phone support is still one of the most HEAVILY used customer service communication methods. Now what does this mean for YOUR business? We answer that question and more in our latest paper which discusses the importance of knowing call volumes, peak call times, and industry trends so YOU can accurately staff your call center to handle all your clients demands. more

  • eGuide: Comparing UC Vendors

    Changing your company’s business communications solution is an investment in time and money that will touch everyone in your organization. A successful unified communications (UC) deployment should streamline everyone’s work flow, simplify IT operations and deliver a lowered total cost of operations. Your company deserves nothing less. more