The Banking and Financial Industry has diverse human resources requirements, including regional and global workforces. Using centralized HR operations across the organization makes it easier to use a consistent approach to decisions related to our workforce to plan and restructure as conditions change quickly.
Technology has evolved to cater to a new and digitized enterprise across all industries. That being said, the banking and financial sector can do with self-service applications that reduce the burden on human capital through automation. Modern HR self-service applications offer more by way of automating service transactions and are driven by artificial intelligence. Therefore, these applications provide speed and access round the clock irrespective of the time zone.
The HR self-service applications, be it through a unified web portal or Mobile devices, helps cut down the time and effort from the workforce, make smarter and faster decisions, and eliminate overstaffing. Moreover, the workforce can be redirected to using their attention and effort towards other aspects to drive business growth.
Features of Oracle Self-Service Applications
Oracle’s self-service HR application enables employees and managers to participate through a web browser. The APIs used in Oracle Applications offer seamless integration between Self-service HRMS and Oracle HRMS. The self-service functions cover all areas of Oracle HRMS, including workforce recruiting and onboarding, compensation, benefits, payroll management, and more. More specifically, these features help transition from the traditional HR practices to a more efficient and digitized one:
Easy to configure
The Oracle applications framework enables flexible personalization. You can customize the self-service pages to show your corporate identity and reflect specific business processes in your company. Other personalization includes content, self-service transactions that fit your requirements, appearance, etc.
The pages in the self-service application are intuitive and help users carry out their transactions without instruction or documentation. Relevant notes and messages are also available on these pages.
The workflow technology in Oracle self-service enables dynamic routing and approvals for all transactions. Oracle routing helps configure processes that need routing, approvals, and submissions.
Manager functions in the application deliver intelligence and information to managers and HR professionals, making it easy to query and retrieve information quickly.
Accuracy of data
The Oracle self-service application enables users to enter and update their information, achieving greater accuracy and reducing repetitive data entry tasks.
Streamlined business processes
The paperless environment offered by the Oracle self-service application helps streamline business processes, cutting down administrative costs and increasing service efficiency.
Integration with OAM
Oracle Approvals Management enables defining the routing rule for transactions. Integrating OAM with the self-service application, your transactions go to the appropriate receiver or approver.
Additionally, key features of the Mobile Oracle Self-service application include the following:
- The actions performed through the application get updated in real-time in EBS.
- Oracle EBS transactions related to recruitment, training, appraisals, payroll, and attendance and leave management are optimized.
- Push notifications are enabled to communicate with respective employees and managers.
- AI-enabled chatbot assistant helps employees to search for policies, FAQs, enter quick leaves, view leave balance, etc.
Benefits of HR Self-Service Oracle Mobile Apps
HR Self-Service Oracle Mobile Apps enable flexibility and up-to-date information for the workforce working on the go, especially for the Oracle EBS users. With the recent move to remote working or hybrid working models, it has become critical that members of an organization can access information at anytime from anywhere.
Veering away from the traditional HR functions that involved laborious and time-consuming processes, the Oracle HR Self-service apps have revolutionized human capital management, irrespective of roles or job responsibilities, for instance:
- View payslips for the last 12 months.
- View and update local tax forms
- Create, edit, and view leave/ absences
- Update primary address and contact information
- Search and find team members
- Update job, role, grade, location, business unit.
- View and update employee salary information
- View employee details
- Change the employee’s immediate supervisor
The Banking and Finance industry has seen as many changes as any other industry and has experienced the impact of digital transformation in recent times. Recognizing the need to leverage the latest AI-enabled technology, Banking and Finance has rapidly embraced the need to make transactions smooth and seamless.
Adopting Oracle HR self-service applications to optimize their business process has also seen a shift to high efficiency in day-to-day operations, extending the functionality of the Oracle E-Business Suite.