Muthoot FinCorp is the flagship company of the Muthoot Pappachan Group and offers a wide range of financial products and services including gold loans, small business loans, and affordable housing loans to over 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 loan processing management 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 focusing on growing its customer base.
“At Muthoot FinCorp, we have been adopting the latest technologies to better serve customers,” Nishit Shrivastava, Chief Technology Officer, Muthoot FinCorp, said in a statement. “The migration of our ERP applications and Oracle databases to OCI has revolutionized our business operations and provided us with unmatched scalability, improved our liquidity management, and enhanced system security. The monthly 10TB data output from OCI free of charge has helped us significantly reduce IT costs. After 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. We aim to enhance our capabilities and strengthen our position as the most trusted financial services provider in the country.”
With Oracle Base Database Service on OCI, Muthoot FinCorp has been able to maintain control over its data and reduce costs by leveraging automated database lifecycle management, integrated low-code application development, and pay-as-you-go pricing for compute scaling. To meet India’s regulatory compliance requirements, Muthoot FinCorp is using Oracle Cloud Mumbai Region and 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 ever-evolving regulatory environment,” said Premalakshmi PR, Vice President, Cloud technology, Oracle of 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 solve its most complex business challenges, enabling it to adopt advanced technologies and meet evolving customer expectations.”
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