Manappuram Finance bets on cloud led innovation

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In the last few years, Thrissur-based Manappuram Group has converted the lives of numerous individuals, mainly from low-income families. The group has grown significantly, with 4,622 branches throughout 28 States/Union Territories and near 28,000 employees spread throughout the country. 

Manappuram has ushered in numerous technology improvements in the Indian NBFC industry—from being one of the earliest financial services companies to adopt ‘core banking’, to unveiling ‘online gold loans’. This investment in technology has paid off in many ways; for example, in streamlining techniques to reduce loan disbursal times and inside the implementation of advanced risk management practices. 

A key constitution for the IT team is to help drive top- and bottom-line boom. It leverages technology to improve the whole business lifecycle—customer acquisition, expansion, engagement, and retention. 

Rishu Sharma, principal analyst – Cloud and Artificial Intelligence, IDC India, said that the companies that had already invested in the migration of facts and applications to resilient cloud platforms found immediate benefit. But past data analysis is another trend based on actual evidence from the ground, that cloud platforms can provide resilient and cost-effective IT infrastructure when enterprise business continuity plans are placed to test. 

In the ultimate 4-5 years, Manappuram has various into new business areas inclusive of SME lending, automobile, and housing finance and microfinance. Under the leadership of Raveendra Babu, there was a group-wide digital transformation exercise, starting with consolidating IT infrastructure throughout group companies, which involves retiring company-owned data centres and transferring to the cloud. This is also aligned with Manappuram’s aim to improve business resilience and liberate new boom avenues. 

He said that the company has been looking for a current, secure cloud. After evaluating diverse providers, we determined on Oracle’s second-generation cloud infrastructure for its enterprise-grade functions—enhanced security, excessive-performance, and guaranteed advanced cloud economics, for instance. By shifting to Oracle cloud infrastructure, we will be realizing 3X performance development and nearly 40% cost savings over the next 4-5 years. The internal IT team will now be freed from ‘managing IT’ so that they can innovate quicker and focus better on helping the core business. 

By the use of bots, Manappuram has already automatic numerous recurring manual duties, resulting in increased operational efficiencies. The company is drawing up plans to accelerate the adoption of IoT, robotics, and automation in the subsequent six months. 

In the new decade, Manappuram’s vision is to conform right into a top financial services organization, catering to a wider market, strengthening its footprint in its newer growth areas such as vehicle finance, micro-finance, home loans as well as loans for MSMEs, in addition to consolidating leadership in its core business offering of gold loans. 

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