Muthoot Fincorp Partners with Oracle Cloud Infrastructure to Fuel Business Growth
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Muthoot FinCorp joins hands with Oracle Cloud Infrastructure to support its business growth
Muthoot FinCorp has migrated its on-premises ERP system to Oracle Cloud Infrastructure, enhancing performance and operational efficiency by 50%. Muthoot FinCorp Ltd, one of India's leading non-banking finance companies, has migrated its on-premises mission-critical enterprise resource planning (ERP) system to Oracle Cloud Infrastructure (OCI) and the supporting Oracle databases to Oracle Base Database Service. Part of its hybrid cloud strategy, the migration has improved Muthoot FinCorp's system performance and operational efficiency by 50%. Muthoot FinCorp is the flagship company of Muthoot Pappachan Group and offers a wide range of financial products and services including gold loans, small business loans, and affordable housing loans to more than 100,000 customers daily through 3,600 branches across India. To continue to grow its business and meet changing customer expectations, Muthoot FinCorp needed to be able to effectively scale the management of loan processing and other financial services. After careful evaluation, Muthoot FinCorp decided to migrate its mission-critical ERP system to Oracle Base Database Service on OCI. With OCI's fast performance, high availability, and built-in security, Muthoot FinCorp has the foundation it needs to continue to focus on growing its customer base. "At Muthoot FinCorp, we have been adopting the latest technologies to better serve customers," said Nishit Shrivastava, chief technology officer, Muthoot FinCorp in a statement. "Moving our ERP applications and Oracle databases to OCI has revolutionized our business operations and provided us with unparalleled scalability, improved our liquidity management, and enhanced system security. OCI's monthly 10TB of data egress at no charge has helped us reduce IT costs significantly. Following this successful migration, we aim to further deepen our relationship with Oracle by implementing additional OCI services such as data analytics, AI, and machine learning. Our goal is to enhance our capabilities and strengthen our position as the most trusted financial service provider in the country." With Oracle Base Database Service on OCI, Muthoot FinCorp has been able to maintain control over its data and lower costs by leveraging automated database lifecycle management, built-in low-code application development, and compute scaling with pay-as-you-go pricing. To meet India's regulatory compliance requirements, Muthoot FinCorp utilizes the Oracle Cloud Mumbai Region and the Oracle Cloud Hyderabad Region for redundancy and disaster recovery capabilities. "Financial services organizations like Muthoot FinCorp must quickly adopt new technologies to meet data security and locality requirements in an always-evolving regulatory environment," said Premalakshmi PR, vice president, Technology Cloud, Oracle India. "Oracle Cloud Infrastructure provides Muthoot FinCorp with the flexibility and scalability based on workload, regulatory, and latency needs. This strengthens Muthoot FinCorp's ability to innovate and resolve its most complex business challenges, enabling it to embrace advanced technologies and meet changing customer expectations."
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Muthoot FinCorp Selects Oracle Cloud Infrastructure to Support its Business Growth
One of India's leading non-banking finance companies improves system performance and operational efficiency by 50 percent with Oracle Base Database Service Muthoot FinCorp Ltd, one of India's leading non-banking finance companies, has migrated its on-premises mission-critical enterprise resource planning (ERP) system to Oracle Cloud Infrastructure (OCI) and the supporting Oracle databases to Oracle Base Database Service. Part of its hybrid cloud strategy, the migration has improved Muthoot FinCorp's system performance and operational efficiency by 50 percent. Muthoot FinCorp is the flagship company of Muthoot Pappachan Group and offers a wide range of financial products and services including gold loans, small business loans, and affordable housing loans to more than 100,000 customers daily through 3,600 branches across India. To continue to grow its business and meet changing customer expectations, Muthoot FinCorp needed to be able to effectively scale the management of loan processing and other financial services. After careful evaluation, Muthoot FinCorp decided to migrate its mission-critical ERP system to Oracle Base Database Service on OCI. With OCI's fast performance, high availability, and built-in security, Muthoot FinCorp has the foundation it needs to continue to focus on growing its customer base. "At Muthoot FinCorp, we have been adopting the latest technologies to better serve customers," said Nishit Shrivastava, chief technology officer, Muthoot FinCorp. "Moving our ERP applications and Oracle databases to OCI has revolutionized our business operations and provided us with unparalleled scalability, improved our liquidity management, and enhanced system security. OCI's monthly 10TB of data egress at no charge has helped us reduce IT costs significantly. Following this successful migration, we aim to further deepen our relationship with Oracle by implementing additional OCI services such as data analytics, AI, and machine learning. Our goal is to enhance our capabilities and strengthen our position as the most trusted financial service provider in the country." With Oracle Base Database Service on OCI, Muthoot FinCorp has been able to maintain control over its data and lower costs by leveraging automated database lifecycle management, built-in low-code application development, and compute scaling with pay-as-you-go pricing. To meet India's regulatory compliance requirements, Muthoot FinCorp utilizes the Oracle Cloud Mumbai Region and the Oracle Cloud Hyderabad Region for redundancy and disaster recovery capabilities. "Financial services organizations like Muthoot FinCorp must quickly adopt new technologies to meet data security and locality requirements in an always-evolving regulatory environment," said Premalakshmi PR, vice president, Technology Cloud, Oracle India. "Oracle Cloud Infrastructure provides Muthoot FinCorp with the flexibility and scalability based on workload, regulatory, and latency needs. This strengthens Muthoot FinCorp's ability to innovate and resolve its most complex business challenges, enabling it to embrace advanced technologies and meet changing customer expectations." 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. About Oracle CloudWorld CloudWorld is where our customers and partners can see the latest innovations in cloud technology, discover methods for getting the most business value from AI today, and explore ways to increase productivity and efficiency through automation. You'll learn from experts and your peers who build and use the applications, cloud infrastructure, databases, developer tools, and AI services that help solve complex business challenges in every industry. Join us to develop new skills and see new capabilities in action. Register now at oracle.com/cloudworld or follow the news and conversation at oracle.com/news and linkedin.com/company/oracle/
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Muthoot Fincorp, a leading NBFC in India, has partnered with Oracle Cloud Infrastructure to enhance its digital capabilities and support business expansion. This collaboration aims to improve operational efficiency and customer experience.
Muthoot Fincorp's Strategic Move to Cloud
Muthoot Fincorp, one of India's largest non-banking financial companies (NBFCs), has announced a significant partnership with Oracle Cloud Infrastructure (OCI) to bolster its business growth and digital transformation efforts
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. This collaboration marks a pivotal moment for the financial services sector, highlighting the increasing importance of cloud technology in driving innovation and efficiency.Enhancing Operational Efficiency
The primary objective of this partnership is to leverage OCI's advanced capabilities to streamline Muthoot Fincorp's operations. By migrating its IT infrastructure to OCI, the company aims to achieve greater scalability, reliability, and security in its digital operations
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. This move is expected to significantly reduce the time required for critical business processes, thereby enhancing overall operational efficiency.Improving Customer Experience
With the implementation of OCI, Muthoot Fincorp is set to revolutionize its customer service capabilities. The cloud infrastructure will enable the company to process customer requests more swiftly and efficiently, leading to improved response times and a better overall customer experience
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. This enhancement is crucial in the competitive financial services landscape, where customer satisfaction plays a key role in business success.Cost Optimization and Scalability
One of the key benefits of adopting OCI is the potential for significant cost savings. Muthoot Fincorp expects to reduce its IT infrastructure costs by up to 30% over five years
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. Additionally, the scalability offered by OCI will allow the company to easily adapt to changing business needs and market conditions, ensuring that its IT infrastructure can grow in tandem with its business expansion plans.Related Stories
Data Security and Compliance
In the financial services sector, data security and regulatory compliance are paramount. OCI's robust security features and compliance certifications will help Muthoot Fincorp enhance its data protection measures and meet stringent regulatory requirements
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. This aspect of the partnership is crucial for maintaining customer trust and ensuring the integrity of financial transactions.Future-Proofing the Business
By embracing cloud technology, Muthoot Fincorp is positioning itself at the forefront of digital innovation in the NBFC sector. This strategic move is expected to future-proof the company's IT infrastructure, enabling it to quickly adopt emerging technologies and respond to evolving market demands
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. The partnership with Oracle is a clear indication of Muthoot Fincorp's commitment to leveraging technology for sustainable growth and improved service delivery.References
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