Leveraging the power and simplicity of Oracle’s Autonomous Database, Strands has optimized its internal operations and developed a native cloud version of its Strands Personal Finance software
Strands, a company that since 2004 has been developing Fintech solutions aimed at offering banking customers customized financial experiences around the world, has trusted Oracle to take its tools to the cloud. Specifically, it has adopted Oracle Autonomous Database to deploy its financial management systems for their banking customers.
Strands traditionally implements its applications based on artificial intelligence in large banks and is expanding its activity to financial institutions of all sizes. The application developed by Strands requires the best resources in terms of infrastructure and databases due to the particularities of data management in the financial sector, where security, privacy and availability of large volumes of sensitive data is critical.
To ensure maximum performance, security and availability, Strands has chosen the combination of infrastructure (Oracle Cloud Infrastructure-OCI-) and Oracle’s autonomous database (specifically, Oracle Autonomous Transaction Processing -ATP-) as the central database.
Strands hopes to accelerate its business plan to offer its solutions to banks working with the small and medium enterprise (SME) segment and support new implementations without the need to increase exponentially its IT team.
Leveraging the power and ease of use of Oracle’s Autonomous Database on Oracle Cloud Infrastructure, Strands has made the leap to the cloud, opting for various services within OCI (Compute, Database VM, Storage, Fastconnect, etc.). With this, it has optimized its internal operations and developed a native cloud version of its Strands Personal Finance software.
Higher performance and less resources
The results after implementation have been very positive. The performance provided by Oracle Autonomous Database is reducing the amount of resources needed to manage the application, reducing costs and improving margin. In addition, the autonomous capabilities of this solution are freeing up the IT team for more routine activities. Now, Strands’ technical team can optimize their time and manage more customers.
After implementation, all internal Strands operations run on the Oracle Cloud. In fact, the development, quality control, and production teams use the Oracle Cloud for their daily tasks. Another improvement is internal customer service that is progressing due to improved automation, and tasks that used to take days now only take hours. Finally, Strands can dynamically manage bank workloads with Oracle Autonomous Transaction Processing, which impacts the price it offers to customers, increasing margin and reusing non-employee resources.
Single Cloud Provider
With its move to SaaS, Strands is enriching its business model, consolidating each module of its product as a single cloud provider. In addition, Strands can carry out its development and testing processes in the same production environments, using the same technology and consolidated in a single provider.
After the implementation phase, Strands and Oracle continue to work together to define the best strategy to meet the demands of banking for SMEs, using the cloud and Oracle Autonomous Database as central tools, taking advantage at all times of the security features offered by Oracle Cloud to meet the regulatory requirements of banks.
This story was originally published and distributed by Oracle Iberia.