Muthoot FinCorp Migrates ERP System To Oracle Cloud Infrastructure, Eyes Business Growth
The migration has improved Muthoot FinCorp’s system performance and operational efficiency by 50%, the company said.
Muthoot FinCorp Ltd., a non-banking finance company, has migrated its on-premises enterprise resource planning system to Oracle Cloud Infrastructure 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%, a press release by Oracle stated.
Muthoot FinCorp is the flagship company of Muthoot Pappachan Group and offers various financial products and services, including gold loans, small business loans and housing loans. 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.
“At Muthoot FinCorp, we have been adopting the latest technologies to better serve customers. 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,” said Nishit Shrivastava, chief technology officer, Muthoot FinCorp.
“We aim to further deepen our relationship with Oracle by implementing additional OCI services such as data analytics, AI and machine learning,” Shrivastava added.
With Oracle Base Database Service on OCI, the NBFC 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.”
