I want to share a piece from one of my blogs, in this case talking about Digital Transformation in the Financial Sector.
Oracle Cloud key factor for digital transformation in the financial sector (Fintech and Insurtech)
Digital Transformation in the financial sector refers to the need for organizations to incorporate technology to reduce costs, minimize risks, maximize sales and enhance value generation.
In the financial sector, digital transformation has appeared hand in hand with Fintech (or Financial Technology) incorporating new technology within different activities of the sector offering very reliable and valuable services and products, but first of all, what is a Fintech?
It is the economic industry composed of companies that use technology to offer more efficient and less expensive financial services. It is very true that the first Fintechs in the world emerged in the 90s, but the boom season for this type of companies was between 2014 and 2016. It is estimated that 25% of these companies have focused on the development of platforms to attract investment or financing, mostly through the crowfunding scheme. Another 25% is focused on the development of platforms to make payments and transfer resources, and the remaining 50% has focused on financial management, investment portfolio management, banking and insurance management and development of virtual assets such as cryptocurrencies.
Efficiency is a key factor in corporate success, so the CFO (Chief Financial Officer) is increasingly aware of the need to accelerate the adoption of a digital culture.
This is where cloud-based solutions such as Oracle Fusion Cloud come in, as they are the starting point for a company's specific digital strategy. Primarily for the case of the CFO, carrying out an efficient digital transformation requires having a clear strategy for the future, remembering that the customer always comes first and learning to value data.
Oracle is also betting big on the partner ecosystem to tap into the growing opportunities in the country. Currently, it has about 3,000 active partners in the Asia Pacific region and about 500 partners in India
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