India’s Unico Housing Finance secures multi-application Oracle Cloud Infrastructure deal
Unico Housing Finance has tapped Oracle Cloud Infrastructure (OCI) to extend affordable home loan solutions to unserved community segments in India.
Unico Housing Finance signs for Oracle Cloud Infrastructure
The Chennai-based start-up seeks to support the country’s housing sector through its provision of home construction, purchase and renovation-focused loans, among others.
In an attempt to improve the market agility of its digital loan services, Unico has now adopted multiple elements of Oracle’s cloud infrastructure suite.
Its adoption includes the Oracle Base Database Service for enhanced database management, which will work alongside the vendor’s Autonomous Data Warehouse and PostgreSQL service, which have also been selected by Unico.
Elsewhere, it has chosen to leverage the OCI Analytics Cloud, which spans the analytics lifecycle from data ingestion to visualisation, OCI Full Stack Disaster Recovery for business system and application recovery, and OCI Cloud Guard to protect against and solve for cloud-based security issues.
To support its provision of loans specifically, the start-up has also opted for the Oracle Flexcube core banking solution for loan processing, and the Oracle Fusion Cloud Financials platform for financial management across payables, expenses, reporting, receivables and other indicators of financial performance.
“Homeownership has always been a huge priority and a matter of pride for Indians, yet there are very few avenues for the unbanked community to meet their housing needs,” explains Babu Vellingiri, CEO of Unico Housing Finance.
Vellingiri says the start-up’s selection of Oracle, which is based in Texas, USA, was fuelled by a need for “a resilient, scalable, and secure platform to meet the increasing demand for housing loan solutions and services”.
Shailender Kumar, senior vice president and regional managing director for Oracle India, says the adoption of OCI will enable the start-up to “operate any application faster and more securely” while “migrating, modernising, constructing, and scaling its IT infrastructure”.
The vendor previously extended its Flexcube core to CSB Bank, a full-service bank also headquartered in India, last month.
