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Muthoot FinCorp Enhances Operational Efficiency with Oracle Cloud Migration

Oracle

Business Honor
11 October, 2024

Muthoot FinCorp leverages Oracle Cloud Infrastructure to drive growth and improve system performance by 50%.

Muthoot FinCorp Ltd has successfully moved its critical enterprise resource planning system to Oracle Cloud Infrastructure. This is part of a larger approach by the company towards adoption in hybrid cloud; the move has seen the company enjoy a commendable improvement of up to 50% on system performance as well as operational efficiency.

This allows Muthoot FinCorp, serving more than 100,000 customers every day through almost 3,600 branches, to expand its financial services, including gold loans and affordable housing loans effectively. For Nishit Shrivastava, Chief Technology Officer, "Operations have been revamped, liquidity management has improved, and system security has strengthened as a result of this transition". The cost-effective model of OCI, including 10TB of free monthly data egress has curtailed IT costs substantially as well.

Muthoot FinCorp is utilizing the Oracle Base Database Service to be able to have an easy way of dealing with the lifecycle of the database while ensuring low-code application development. The regulatory standards that are followed in India are also ensured during the application development process. The company is hosted on the Oracle Cloud Mumbai and Hyderabad Regions, hence enjoying redundant as well as disaster recovery robustness.

Insisting that flexible and scalable solutions are the need of the hour in the fast-changing financial scenario, Premalakshmi PR, Vice President of Technology Cloud at Oracle India had words of caution for Muthoot FinCorp: Be better prepared to face new challenges and customer expectations with advanced technologies.