Question

Why are banks interested in working with the oracle system? What is the general concept of this system? What is its importance to the bank? What are its most prominent characteristics and qualities? How do banks develop themselves when working with it? What is the difference between the banks that work with this system from other banks that do not work with it? Please attach references with documentation

Answer 1

Why are banks interested in working with the oracle system: -

Oracle database is used by large financial corporations as a way to store, manage & update all sorts of data required for administration of accounts/ loans/ financials, and sales etc.

As far as large, enterprise-level RDBMS concerns, Oracle is probably the market leader from a quick look at the various popularity and usage statistics.

General concept of this system: -

Most companies are n't interested in databases. They're interested in information that applications can give them to serve their business needs.

Most business applications in the past were written against Oracle (some against other DBs, like DB2/Informix/Sybase) because in the past open source database solutions & computer hardware hadn't matured enough to make open source solutions practicle for databases whose loss could destroy the company.

importance to the bank: - Data security is so imporatnt to the bank that they want to incur any amount to keep it safe. Data is an Asset to an Bannking Organisation.The most popular complaint about Oracle is the high cost. While powerful, flexible & infinitely configurable, those advantages come at a premium cost for new purchases and support.The 22% annual recurring support fee causes the most pain for IT managers running Oracle.

Most prominent characteristics and qualities: -

There are several reasons for this: -

i.) Maturity
Oracle is a mature, stable database system that has been in continuous development since the first commercial versions (v2) was available in 1979. By continually adding new features to their flagship product, Oracle remains at the forefront of RDBMS technology.

ii.) Flexibility
Oracle is available on both Windows and several flavors of UNIX (Linux, Solaris, HP UX, IBM AIX). Three editions from the basic to advanced features are available: Express edition, Standard Edition and Enterprise Edition. With these options you could run anything from a small personal database on your laptop to the largest database in use by multinational corporations.

iii.) Support Services: -
As a side effect of its popularity and maturity, Oracle services is widely available everywhere both from Oracle directly or independent consultants. Anytime and everywhere available.

Banks develop themselves when working with it: -

ORACLE has a very high performance when it comes to speed. Also the capacity in some fields and has more functionality on its procedures PL/SQL. The mysql/sql server also has stored procedures but the difference is ORACLE has more functions and executes faster compared to others. It can operate more higher buffering multiple transactions on its procedures and queries. Aside from that its almost the same with the other SQL's.

So with respect to the largest public sector bank, the State Bank of India, It uses the TCS BaNCS for its core banking solution and this software deploys ORACLE database for its RDBMS solution in back ends at the server side.

What is the difference between the banks that work with this system from other banks that do not work with it: - Being in Banking industry data is everything. Losing of data can destroy the company and can bring public embarrasment . Banking Industry works on trust levels. if that lacks, public will move to other banks as every depositors want safety of the money.