Question

Why ERP and orcle system recommended for the Banks

Answer 1

WHY ERP ?

ERP stands for Enterprise Resource Planning, Every business entity has numerous day to day transactions from the stage of procurement to the sale of product.

ERP Integrates entire business operations of the company into one software where any registered user with authorised access can view authorised information pertaining to the activities of the entity.

ERP integrates various operations like

Supply Chain Management

Accounting of transactions

Data Management

Project management

HR Management

Customer and distribution management

Banking Sector is no more different than a traditional business entity, it has numerous transactions which occur on daily basis and multiple user accounts has to be kept updated of transactions made on real time basis. Banking sector is actively adopting IT technologies which can ensure smooth functioning of an organization.

Data management is the challenging issue faced by the baking industry, the banking system is wide complex where it has to handle huge information while maintaining secrecy and should also comply with banking regulations of the respective country. ERP also enables to generate financial information within no time.

Major Uses of ERP in Banking Industry

Generating Financial Reports

Account Management

Payments and transaction processing and security management

WHY ORACLE ?

Oracle banking platform is one of the ERP solution which provides comprehensive and integrated solutions that eases complex banking operations and reduces cost of operations, thus oracle enables the management to focus on execution and strategic expansion rather than on performing operations.

Features

Industrialized Banking

Product Management

Receivables management

Customer Centric Pricing