Oracle ( ORCL Quick Quote ORCL - Free Report) signed a multi-year partnership to help Deutsche Bank ramp up its digital transformation efforts.
Apart from accelerating digital modernization, both the companies’ engineering and technology teams will be working together to study the possible uses of pioneering technologies like blockchain, data security, AI and analytics for the design and development of next generation of financial products and services.
Deutsche Bank will be transferring its Oracle Database estate to Oracle Exadata Cloud@Customer while overhauling its current database system. Oracle Exadata Cloud@Customer will offer Deutsche Bank a platform to manage and improve scalability of its vital business operations like payments processing, risk and capital planning, trading as well as regulatory reporting.
By transferring database to Oracle Exadata Cloud@Customer, Deutsche Bank can combine all important applications on a single platform, while simultaneously adhering to data residency needs.
The transfer of database to Oracle Exadata Cloud@Customer will help the financial services’ organisation to also achieve considerable cost savings as well as cut down on energy consumption by utilizing consolidated servers.
Lucrative Digital Transformation Market Augurs Well Per a Fortune Business Insights Report, the global digital transformation market is projected to witness a CAGR of 22.1% between 2021 and 2028 and reach $3,546.8 billion.
Rapid proliferation of innovative technologies like Big Data, robotics, Artificial Intelligence (AI), Internet of Things (IoT) and rapid migration to cloud along with accelerated 5G deployment is driving the market. Also, pandemic-triggered work from home, online learning and telehealth trends are major catalysts, added the report.
Enterprises are rapidly implementing extensive digital transformation efforts to cater to changing consumer preferences by providing innovative/advanced products and services. Digital transformation also helps optimize costs and assist in complying with evolving regulations.
Per an Allied Market Research report, the worldwide digital transformation in banking, financial services and insurance (BFSI) market is forecast to witness a CAGR of 15.4% between 2020 and 2027 as well as reach $164.08 billion. Increasing demand for digital services to boost customer experience as well as higher need for bespoke IT solutions for banking requirements is driving the market, added the report.
Oracle is steadily gaining ground especially in the cloud migration domain. Solid uptake of Exadata cloud solutions, and Autonomous Database offerings along with healthy demand for the Oracle Dedicated Region Cloud@Customer are driving the company’s top-line performance.
Oracle’s latest Exadata Cloud@Customer service offering is witnessing steady traction among on-premise customers.
In the last reported quarter, Oracle clinched deal wins from Canada-based Laval University, Telefonica and Telekom Slovenije.
Expanding availability of Oracle cloud regions worldwide is anticipated to bolster its competitive stance in the cloud computing market. In May 2021, the company launched its second cloud region in Brazil namely Vinhedo Cloud region, marking the 30th cloud region in the world. It expects to open 38 cloud regions by 2021.
However, Oracle needs to watch out for intense competition in the digital transformation/ cloud migration services’ space from the likes of
Microsoft ( MSFT Quick Quote MSFT - Free Report) , Amazon’s ( AMZN Quick Quote AMZN - Free Report) Amazon Web Services (“AWS”) as well as International Business Machines ( IBM Quick Quote IBM - Free Report) .
At present, Oracle carries a Zacks Rank #3 (Hold). You can see t
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