Today's Leading Financial Institutions Look to Oracle to Help Cut Costs And Improve Business Intelligence

Sumitomo Mitsui Banking Corporation Successfully Integrates Oracle(R) Financial Services Applications across its Worldwide Operations to Identify Profit Opportunities and Improve Business Processes

REDWOOD SHORES, Calif., Nov. 6, 2002 -- Oracle Corporation, the world's largest enterprise software company, today announced that world class financial services companies, such as E*TRADE Financial, Guardian Life Insurance Company, Union Bank of California, Visa International and Wachovia Corporation, are increasingly adopting Oracle(R) Financial Services Applications, as well as other Oracle E-Business Suite modules and the Oracle database to cut costs and improve business intelligence. Most notably, Sumitomo Mitsui Banking Corporation (SMBC), the world's second largest bank, has recently completed the implementation of Oracle Financial Services Applications across its international operations.

A longtime Oracle Customer, SMBC selected Oracle Financial Services Applications in early 2000 to improve management reporting and integrate with Oracle General Ledger, Oracle Accounts Payable and Oracle Human Resources Management System (HRMS), which already have been deployed. With the addition of Oracle Financial Services Applications, SMBC has gained the capabilities to improve management reporting, better measure business performance and profitability, identify profit opportunities, and pinpoint customers' increasingly diverse and global banking needs. Since the implementation, the company has benefited from increased efficiencies in its reporting process and better visibility into making business decisions.

"In an increasingly competitive marketplace, leading financial services companies need to streamline financial reporting processes and leverage data across their extended organizations," said Anthony Fernicola, group vice president, Oracle Financial Services. "Sumitomo Mitsui Banking Corporation is a great example of how the Oracle Financial Services Applications can help organizations establish a single global infrastructure, lower operating costs and make more informed business decisions."

Oracle's increased momentum in the sector is indicative of its understanding of industry issues and ability to help financial services companies improve reporting and analysis processes in order to avoid redundancies, save time and make real-time business decisions.

-- The Guardian Life Insurance Company of America, New York, NY, the nation's fourth largest mutual life insurance company, utilizes Oracle database technology to increase productivity, reduce costs, and speed time-to-market for both business and information technology projects. Oracle was chosen to allow Guardian employees access to real-time schedule, expense, and project information, so they can manage project lifecycles more efficiently.

-- Union Bank of California, California's third largest commercial bank, successfully implemented Oracle Customer Profitability, a component of Oracle Financial Services Applications, in July 2002, significantly upgrading their decision-making intelligence for branch performance and customer service, thereby improving overall profitability. Over the past seven years the corporation has been successful in implementing a number of Oracle solutions. Using Oracle Performance Analyzer and Oracle Discoverer, Union Bank can make more informed decisions about business processes and customers. The company hopes to extend its deployment of Oracle Financial Services Applications to international branches to increase revenues and customer channels.

-- Visa International, the world's leading full-service payment network, is using the Oracle E-Business Suite to automate back-office processes, replacing manual, disjointed regional practices with automated, global, workflow driven processes. The integrated applications are providing Visa with increased control over annual spending and the simplification of system complexity resulted in increased productivity and reduced internal expenses.

-- Wachovia Corporation, the nation's fourth largest bank holding company with assets of $334 billion, servicing over 9 million individual customers and 900,000 businesses with a variety of financial services products, has a highly sophisticated Oracle Financial Services Applications implementation used to support enterprise-wide decisions around financial management information. Using Oracle's comprehensive profitability solutions, Wachovia executives now have unprecedented access to account, product, and organizational level profitability views. They can track the profitability of the business from the company level down to individual accounts and transactions. This is the source of financial information used throughout the enterprise ensuring consistency and transparency of both internal and external reporting.

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