Muthoot FinCorp Ltd 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 revolutionised 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 utilises the Oracle Cloud Mumbai Region and the Oracle Cloud Hyderabad Region for redundancy and disaster recovery capabilities.
“Financial services organisations 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.”