Oracle urges financial institutions in Ghana to switch to their system

Software company Oracle has called on Ghana’s banking sector to switch to their technology and modernise how finance is managed.

Yaw Asumang, Oracle’s Senior Consulting Manager and chief of the West African region, was speaking at an event held for managers of 30 commercial banks in Accra.

According to Asumang, with Oracle’s Performance Management Solution, banks in Ghana can put together an effective performance regime that relies on a closed-loop system.

“In a more practical sense, banks are able to use the same foundational analytical data and common components such as cash-flow engine, business assumption and modelling framework to indulge in analytics that cuts across risk management measures such as Economic Capital Computation,” Asumang said.

He said the need for performance management in a financial services sub-sector like banking cannot be underestimated.

On what distinguishes Oracle’s approach to performance management, he said Oracle’s approach is aimed at equipping financial institutions with the empowerment to carry out cross functional analytics that unifies risk, performance management, finance and compliance.

In addition, financial institutions in Ghana will enjoy Liquidity Risk in addition to value measures such as profitability and return on capital.

Concerning Oracle’s experience in the financial sector, Asumang said the company is gifted with an impressive architecture that “supports the sourcing and transformation of data from operational and financial systems to a centralized analytical data repository which support shared computational engines.”

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