Muthoot FinCorp Selects Oracle Cloud Infrastructure to Drive Business Growth
September 13, 2024 – Muthoot FinCorp Ltd, a leading non-banking finance company in India, has migrated its mission-critical enterprise resource planning (ERP) system to Oracle Cloud Infrastructure (OCI), utilizing Oracle Base Database Service. This migration has resulted in a 50% improvement in system performance and operational efficiency, aligning with Muthoot FinCorp’s hybrid cloud strategy.
Muthoot FinCorp, part of the Muthoot Pappachan Group, serves over 100,000 customers daily across 3,600 branches in India, offering gold loans, small business loans, and affordable housing loans. To scale operations and meet customer demands, the company selected Oracle Base Database Service on OCI after careful evaluation. OCI’s high performance, availability, and security have laid the foundation for Muthoot FinCorp’s continued growth.
“Our migration to OCI has revolutionized our operations, delivering unparalleled scalability and enhancing security. We’ve also significantly reduced IT costs,” said Nishit Shrivastava, Chief Technology Officer of Muthoot FinCorp. “We plan to further expand our relationship with Oracle by integrating advanced technologies like data analytics, AI, and machine learning.”
With Oracle Base Database Service, Muthoot FinCorp benefits from automated database management, low-code application development, and flexible compute scaling. Using Oracle’s Mumbai and Hyderabad Cloud Regions, the company ensures compliance with Indian regulatory requirements while maintaining disaster recovery capabilities.
“Financial institutions like Muthoot FinCorp must adopt new technologies to meet evolving data security and regulatory needs,” said Premalakshmi PR, VP of Technology Cloud, Oracle India. “OCI’s flexibility enables Muthoot FinCorp to innovate and address complex business challenges.”
This partnership allows Muthoot FinCorp to strengthen its position as a trusted financial services provider in India.
About The Author
