Is there a way to create a timestamp column in Oracle that automatically stores a timestamp of when the record has changed ?
Another way to deal with this is by turning on fine-grained audit. The individual rows won't have a timestamp, but you'll have a record of all changes. Overkill in most situations, though -- I usually just use triggers.
If you are OK with nearest .01 seconds, you can use date format and assign sysdate. If you need more detail, use the timestamp.