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
  • The Best Hosted VoIP Systems for 2018

    Is your business looking to adopt VoIP in 2018? Or perhaps you have VoIP but would like to update your system? If either of these apply to you, make sure you research your options ahead of time. Knowing what features you need will make the process of choosing much easier - and ensure you maximize your ROI as well. more

  • 7 Signs it's Time to Upgrade Your Video Conferencing System

    We’ve widely covered the importance of video conferencing tools for businesses of all sizes - but simply having a video conferencing tool isn’t enough. An outdated solution that isn’t providing all the communication tools your business needs will only hold you back. If you’ve had your current solution for any length of time, you should perform a quick assessment to make sure it’s still the right tool for your business. more

  • Debt Recovery Resources

    Debt Recovery Resources is a debt recovery agency with over 30 years' of experience specializing in a wide variety of collection matters including, but not limited to more

  • eBook: The Truth About Cloud in Small Contact Centers

    What if the cloud could radically improve your customer’s experience, your operations, and your bottom line? There’s a reason why many organizations are taking advantage of the benefits of cloud for contact centers. more

  • Nucleus Research: Genesys PureCloud Makes Omnichannel Accessible

    PureCloud was designed to simplify the way you manage customer relationships. It’s powerfully simple, fast and intuitive. But you don’t have to take our word for it. Get a better look at the benefits and tools of Genesys PureCloud in a new report by Nucleus Research. For their study, Nucleus examined past and current customer experiences, breadth of functionality and results of use. more