Muthoot FinCorp taps Oracle Cloud Infrastructure to boost its business

By Gloria Mathias

Muthoot FinCorp, an NBFC in India, 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.

The migration, part of Muthoot FinCorp’s hybrid cloud strategy, claims to have improved its system performance and operational efficiency by 50%.

Muthoot FinCorp is the flagship company of Muthoot Pappachan Group. It offers a comprehensive service range of financial products, 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 its business growth and meet changing customer expectations, Muthoot FinCorp is required to effectively scale the management of loan processing and other financial services

“At Muthoot FinCorp, we have been adopting the latest technologies to serve customers better,” said Nishit Shrivastava, Chief Technology Officer of 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 of Technology Cloud, Oracle India. “Oracle Cloud Infrastructure provides Muthoot FinCorp with 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.”