Oracle Named Category Leader in Inaugural Chartis Research AI Report

PRNewswire 7-Oct-2024 8:00 AM

Chartis Research's RiskTech AI 50 recognizes Oracle for its excellence in AI innovation and deployment in risk technology

NEW YORK, Oct. 7, 2024 /PRNewswire/ -- Oracle Financial Services Summit -- Oracle Financial Services has been named the category leader in the inaugural RiskTech AI 50 2024 report by Chartis Research, a global leader in risk technology research and analysis. Oracle secured the highest overall ranking amongst fifty industry players, highlighting its success in delivering powerful AI solutions – from infrastructure to AI-enabled applications – that are helping financial services organizations operate more efficiently and mitigate risk. 

The RiskTech AI 50 report recognizes leaders in the financial risk management industry who have demonstrated excellence across four key criteria: impact, deployment, strategy, and innovation. Oracle's advanced AI-enhanced applications, particularly in retail banking, finance, and accounting, were central to this recognition. The company also led in seven categories, including innovation, impact, computational infrastructure for AI, use of AI in retail banking, use of AI for finance and accounting, and AI-driven document and data management frameworks.

"Being named the top performer in the RiskTech AI 50 report is a testament to Oracle's commitment to delivering cutting-edge, AI-powered solutions that drive meaningful impact for our customers across the financial services sector," said Sonny Singh, executive vice president and general manager, Oracle Financial Services. "Our ongoing investments in AI and machine learning continue to provide financial institutions with the tools they need to stay ahead and foster resilience and growth through innovative, intelligent risk-management strategies."

Chartis conducted a detailed analysis of vendors across the risk management landscape, assessing their capabilities and use of AI. The report highlighted the depth and breadth of AI applications across the sector, from emerging large language model (LLM)-based applications to established credit scoring and fraud detection models, to help stakeholders navigate the complex and highly evolving field of AI-driven risk management. Oracle's strong performance reflects its ability to meet the growing demands of the industry while driving forward the future of AI in financial services.

"Oracle's achievement of the top ranking for RiskTech AI, alongside multiple awards, highlights their expertise in AI as well as their ability to deploy it at scale," said Maryam Akram, Research Principal at Chartis Research. "Their high-performance, low-latency cloud infrastructure, combined with proprietary algorithms and sophisticated databases, were key factors in their success. Oracle's ability to leverage a range of machine learning techniques across a broad set of solutions also contributed to their win."

For more information about Oracle Financial Services capabilities, please visit: https://www.oracle.com/financial-services/

About Oracle Financial Services
Oracle Financial Services provides solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With our comprehensive set of integrated digital and data platforms, banks and insurers are empowered to deliver next-generation financial services. We enable customer-centric transformation, support collaborative innovation, and drive efficiency. Our data and analytical platforms help financial institutions drive customer insight, integrate risk and finance, fight financial crime, and comply with regulations. To learn more, visit our website at https://www.oracle.com/financial-services.

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE:ORCL), please visit us at www.oracle.com.

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SOURCE Oracle