Oracle has announced that its new Financial Services Global Business Unit will provide an integrated suite of standards-based industry specific applications for banks, insurance companies and capital markets firms. The company also introduced new solutions for the financial services market that deliver software across an open IT infrastructure.

"Oracle continues to build on its financial services leadership by delivering new solutions that help empower Financial Institutions to enhance customer intimacy, build competitive advantage, reduce costs and mitigate risk," said Rajesh Hukku, Oracle senior vice president and general manager, Financial Services Global Business Unit. "Further, Oracle's application infrastructure enables organisations to focus on enterprisewide business processes, delivering increased, measurable support for corporate objectives."

Oracle announced its Process Integration Pack for Banking Account Origination. This solution will provide pre-integrated business flows between Siebel CRM and FLEXCUBE, allowing banks to speed deployment of a complete front-to-back-office solution and accelerate their return on investment. The integration pack also includes processes that make it easier for banks to achieve a single view of the customer, streamline account opening and fulfillment processes as well as facilitate selective service request management.