How Acute Informatics is revolutionizing their Banking business with Oracle Cloud Infrastructure
Started in the year 2005, Acute Informatics has been revolutionizing the IT space by offering enterprise Fintech , Banking solutions and services which are conducive for organizations to ensure competitive advantage. With over 150 active engagements with clients and 350+ people strength, Acute Informatics provides solutions which aims to improve operational efficiency while innovating and minimizing costs. Their flagship products are as follows:
- EasyBankCore® which is a Browser-based , multi channel Core banking solution which has enabled a full range of banking services for many customers.
- DiGi.X™ – Gamut of On Line Digital Channels: APIs | Interfaces
- EasyNetPro™ : On Line Net Banking Solution
- MobiPro™ : NextGen Mobile Banking Solution
After realising the importance of faster backups, increased application security and lower costs, Acute Informatics decided to migrate their workloads to Oracle Cloud Infrastructure. They have been able to ensure availability and security of their products to focus more on the scalability of their business. Additionally not only are they able to run their applications at peak performance on OCI but they have also been able to do so at a fraction of on-premise costs. Today they empower more than 100+ small and medium sized banks in India. Mr. Chirag Patel, CEO, Acute Informatics shares more insights on the same.
What are the trends in the Digital banking space
Digital banking space is extremely dynamic and has witnessed many changes in the last few years owning to the heightened use of technology. Banks are leveraging technologies like AI/ML, blockchain, cloud to make their services much more reliable, accessible, and future proof. With this, customers too are eventually realising the comfort of personalization they get with digital banking, and it has now become an imperative to ensure continued customer satisfaction. There is a higher demand for convenience led banking where individuals and organisations both want to be able to have more control over their transactions. The proof of it lies in the 6.28 billion transactions worth Rs 10.63 trillion processed by the UPI network in July 2022 which is highest ever since 2016. Also, if we directly compare it with June 2022 figures, the volume and the value of the July 2022 transactions are up by 7.16 per cent and 4.76 per cent, respectively. Also, according to Statista, the number of digital transactions in India is expected to go over 214 billion in financial year 2026. With such research, banking systems are also leveraging technology to become much more robust and are automating workflows to reduce costs and improve efficiency.
What is the key technology that is impacting the Digital banking space?
The digital banking space has embraced technology in all aspects to become what it is today. Amongst this, cloud has truly been one of the most critical technologies which is catalysing this move. Cloud-based digital banking solutions have been able to help banks with reduced infrastructure cost, better scalability, and improved agility. Not just that, cloud is allowing unparalleled innovation in the IT sector and is helping to build an effective machinery which addresses business needs quickly. There is a visible movement of non-critical workloads to cloud keeping up with the regulations within the sector. Banks are also actively leveraging newer cloud technologies like serverless architecture to develop better applications. Catalysed by cloud, banks have also been able to leverage other emerging technology like AI/ML, blockchain to ensure protection against cyber-attacks.
How is Acute Informatics products namely EasyBankCore® & DiGi.X™, EasyNetPro™, MobiPro™ impacting the industry
Banking is undergoing a transformation from being based in physical branches to using information technology (IT) and Digital Banking, together with highly specialised human capital. A change in the use of technology in developing new services and business models has been unfolding with the rise of the FinTech & Digital Banking sector, which can be understood as the use of innovative information and automation technology in financial services.
Acute Informatics’s digital products & services helps speed up adoption of the different new digital technologies and of the acquisition of users associated to them has accelerated markedly irrespective of the size & reach of the banks. The gamut of digital banking products we offer, obsolete legacy technologies (e.g., mainframes) and overextended branch networks to serve the standards of service that new competitors can provide. Customers have new service expectations in terms of user-friendliness of the interface and transparency.
Acute Informatic’s Mobile Banking – MobiPro™ & Online Net Banking EasyNetpro™ applications allow third-party access to consumers’ bank data (with the consumers’ consent) and are becoming a fundamental tool of digital disruption in Banking. Moreover, with the advent of Cloud Computing banks have reduced their operations cost & have quick GTM.
Our Secured APIs and cloud computing infrastructure have enabled the same for our banking customers. It has helped banks to implement enhanced customer relationship management. Acute Informatics’s Digital Banking Offerings has impacted all aspects of banking activities including storage, processing, and collection of information in an efficient, secured & cost-effective manner. Acute’s Digital technology largely impacted in terms of increasing efficiency, handling competition and contestability of banking markets. It helped our Banking customers to achieve a customer-centric platform. By embracing Acute’s Products, Banks have significantly improved their digital footprint & it acted as an acceleration catalyst in impacting their customers & revenue base. Some of the use cases of the same are as follows: Mobile Banking, Online Net Banking, RTGS/NEFT (24x7x365), CTS, Debit Cards, e-Lobby, Credit Scores, ATMs etc.
Today, Acute’s Banking technology offerings has helped many small & mid-sized banks to create its digital footprint, which have no physical location or brick and mortar branches.
How is Acute Informatics leveraging OCI to improve customer experience?
We were running our core banking application EasyBankCore as well as other applications such as human resources and loan management systems on multiple on-premises Oracle databases. However, we started to aim for a more cost-effective method considering it was costly to maintain the extensive hardware and we also witnessed limitations on how fast the infrastructure could be expanded. We then decided to seek an elastically scalable database solution in cloud to increase processing speed and lower operational costs.
Our key priority remains small and medium sized banks and therefore we needed features to ensure top most security for infrastructure, mission critical applications and Oracle database. Additionally, we needed a strong disaster recovery strategy and also ensure business continuity to maintain compliance as well.
After reviewing other cloud service providers, we decided to move our workloads to Oracle Cloud Infrastructure (OCI) considering it provided the optimum performance to support our EasyBankCore core banking application. The lower total cost of ownership was another deciding factor for us to migrate the workloads to OCI. Additionally, OCI’s extensive security features, as well as fine-tuning support for multiple Oracle Databases also were of key importance to us. We lowered total cost of ownership by 35% while increasing system performance by 50% after migrating to Oracle Cloud Infrastructure.
How does Acute Informatics plan to further leverage technology to scale their business?
Acute Informatic is committed to embrace & build the right technology stack which may require businesses to try something entirely different considering the business type and the scale-up plan , keeping in mind our customer’s investment.
Few of the Key Areas where we plan to scale up by leveraging technology to stay relevant, are as follows:
- Workflow automation
- Real-time data analysis.
- Data Security & Protection, Cybersecurity improvements.
- Cloud migration.
- Data visualization.
- Project management.
- Collaboration apps.
- New Fintech Product Development like: Loan Origination Systems (LOS), Loan Management Systems (LMS), Business Automation Process (BPA), CRM
