Oracle Open World 2019 set the scene for the launch of Strands Software-as-a-Service platform as it looks to deliver the first global enterprise-grade digital money management solution on the cloud. Strands creates highly-customizable digital money management software for top-tier financial institutions worldwide.
Strands’ goal is to help banks build new business models which will allow them to compete in an evolving industry and find opportunities to monetize their rich source of transactional data. This will be achieved by delivering personalized AI banking services using the Oracle Autonomous Cloud. Strands is leveraging multiple components of Oracle’s Gen 2 Cloud including Oracle’s Kubernetes Engine, cloud infrastructure streaming, API platform and Autonomous Database.
As such, Strands’ mission is to use Machine Learning and Artificial Intelligence to help banks and financial institutions extract and categorize transactional data to produce rich insights about their customers. By doing so, banks can then take steps to speed up internal processes and help reap the benefits of a more engaged relationship with their customers.
Cesar Richardson, Hhad of Alliances at Strands and speaker at OOW19, said in a statement: “Banks are very interested in leveraging our technology however demonstrable security, performance, handling PII data and compliance remain key in all our conversations. Oracles Gen 2 Cloud provides the toolset our banking clients require to monitor, control and encrypt sensitive private bank data in isolation for mission critical applications such as Strands Finance Suite. There is no doubt that banks will be very impressed when they explore how our joint product offering not only reduces the total cost of ownership, but also delivers innovative deployment options that adapt to implementations with different regulators worldwide.”
Understanding the current needs of banks and financial institutions when it comes to their digital transformation, Strands has found a partner in Oracle and their Gen 2 Cloud solution to power and deliver their enterprise-grade Finance Suite as-a-Service. This new partnership supports all of Strands’ money management and insights solutions offering a blend of private, public and hybrid cloud configurations based on the requirements of every financial institution and local regulator.