Tuesday, 26 June 2007

Oracle Spawns Financial Services Unit

California, US based Oracle; one of the world’s top financial companies has created a new business unit targeted to the financial services industry...

California, US based Oracle; one of the world’s top financial companies has created a new business unit targeted to the financial services industry.

Across the world, financial services are quickly growing as the world economy grows and this has lead to massive financial data being generated every minute and there have been many companies that cater to this market. To meet the demand, most financial firms depend on a complete solution. Oracle expects its new financial services business unit to offer better value.

Oracle has created business units for the telecommunications, utilities, and retail industries. The new Financial Services Global Business Unit was created with an intention to provide better product lines and technology that will bring together applications from i-Flex, Siebel and PeopleSoft.

The new group will be headed by Rajesh Hukku, one of the founders of iFlex and will be based in New York. Ashwin Goyal, VP of financial services at Oracle said that only about 8,500 out of 275,000 Oracle customers are in financial services, but the company sees big growth potential in the market.