Oracle has introduced new cloud services aimed at assisting retail financial institutions in modernising their lending and collections processes.

The newly launched Oracle Banking Retail Lending Servicing Cloud Service and Oracle Banking Collections Cloud Service are designed to enhance operational efficiency and risk management for financial organisations.

These services are now available and are expected to facilitate the delivery of “innovative” services and pricing options to customers, while optimising loan servicing and streamlining collections.

These offerings are part of Oracle’s Banking Cloud Services portfolio, which encompasses various solutions including Digital Banking Experience, Banking APIs, Originations, Accounts, and Payments Cloud Services.

The Oracle Banking Retail Lending Servicing Cloud Service features a “scalable” core product engine that enhances loan product management and operations.

This service allows financial institutions to automate intricate business processes and obtain real-time insights, enabling them to provide new digital services that meet the changing demands of their customers.

Additionally, it supports loan portfolio optimisation and risk assessment, which can contribute to improved profitability and competitiveness through customised pricing strategies.

Simultaneously, the Oracle Banking Collections Cloud Service addresses the entire collections lifecycle and enhances the management of delinquencies.

It offers extensive capabilities, configurable workflows, and automated processes, allowing financial institutions to refine their collections operations, implement borrower-focused strategies, and lower delinquency rates.

The cloud-native and component-based services within the Oracle Banking Cloud Services portfolio are designed to help financial institutions modernise with reduced risk and achieve quicker returns on investment.

These services can function independently or integrate with existing systems, allowing for rapid provisioning and availability.

Furthermore, they feature automated patching and reduced disaster recovery switchover times, which can help decrease IT costs and operational burdens. The services leverage the security, performance, and scalability of Oracle Cloud Infrastructure.

Oracle Financial Services executive vice president and general manager Sonny Singh said: “We continue to deliver new innovations to our extensive portfolio of modular retail banking cloud solutions that empower financial institutions to evolve and improve critical operations in accordance with the demands and needs of their business.

“With consumer lending at a high, modernising loan processes has become a business imperative and competitive differentiator for financial institutions.”

In March this year, Lloyds Banking Group expanded its partnership with Oracle, aiming to accelerate cloud migration and improve product development speed, resilience, and security.