Real-time data analytics is one of the most critical paths to better utilisation of the most important aspect – data. It applies immense logic to provide insights helping in improving overall decisions and also assists in quicker decision-making, shares Nikunj Patel, Chief Technology Officer, Mehsana Urban Co-op. Bank Ltd, in an exclusive interview with Srajan Agarwal of Elets News Network.
How has the technology evolved within your organisation over the years? What are the driving forces for rapid technology transformation within your organisation?
Being in a regulated sector with highly sensitive data, we understand the importance of carefully picking the right technology for our organisation. Over the last few years, we have experienced tremendous business growth thanks to our use of the core banking system. More than 450 users visit this CBS application each day, with 10 lakh transactions taking place on the SPARC T5-2 model running on-premises. As of right now, we’re implementing the greatest and most recent technology to give our customers a better experience.
Additionally, the most important possibility for businesses today is digital transformation. For us, as a bank service provider, having cost optimisation, accessibility, and CBS apps that meet performance with a touch of a button has been a vital factor in addition to the growth of our business. Having stated that, in order to secure BCP, HA, and DR for system resilience, we are also eager and focused on addressing requirements to follow any compliances or regulations. To expand our business and ensure we meet the rising demand, we moved to accept a Tier 1 core banking solution and a robust infrastructure.
Please elaborate on the bank’s association with Oracle, and what are the benefits derived.
As we were aiming to modernise our systems, we knew we had to choose the best-in-class cloud provider for our varied needs. Additionally having RBI regulations, we had to ensure the security of data all the while innovating, scaling, and improving the customer experience. After evaluating many options, we decided to proceed with Oracle Exadata Cloud@Customer and gained improved performance, compliance of data residency was addressed, and also we achieved scalability.
There are several Oracle Database instances operating our core banking application. As our company expanded, we always sought to improve the TCO of our IT stack while also increasing performance. With Oracle Cloud, we are able to run our CBS application with the best solutions that satisfy better resilience, allowing us to offer top-notch services to our end users. We were able to add excellent computing and database capabilities at the greatest price by using Oracle Cloud Services.
Why do you think there is a need for real-time data analytics, and what are the primary reasons for their popularity?
Real-time data analytics is one of the most critical paths to better utilisation of the most important aspect – data. It applies immense logic to provide insights helping in improving overall decisions and also assisting in quicker decision-making.
Our database is currently running on Oracle Exadata Cloud@Customer as we transition from on-premises to hybrid cloud. In order to better understand how a bank branch is operating overall, how ATMs are doing, and how we can start attracting more customers, we would like to expand our internal IT capabilities.
How do you rate India’s readiness to the adoption of technologies like Artificial Intelligence (AI) & Machine Learning (ML) in banks?
Globally and over the past ten years, banking has changed. The Indian banking sector has been proactively embracing emerging technology for scalability owing to massive customer demand. The sector is already leveraging AI and ML– powered technology to achieve its digitisation goals. Even beyond automating routine activities, these technologies are widely helping with fraud detection, improving efficiency and also enhancing the customer experience. Most importantly, the Indian government has been open to the tech first world and has been supporting the sector’s digitisation.
We are accelerating the usage of cloud computing through hybrid cloud after hosting the CBS application on Oracle Exadata Cloud@Customer. Running our database on Oracle Exadata Cloud@Customer allows us the convenience to use next-generation technologies to assess decision-making for the lending process based on customer historical data. For example, In the future, we hope to incorporate further AI/ML features, like fraud detection.
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What are the innovations you have planned for the next five years?
Banks are being expected to provide customers with engaging digital experiences for mobile & online banking as the core banking area and transactions become more digital. As part of our strategy, we are preparing to launch the Digital Engagement Hub (DEH), where we hope to improve the application experience for our customers by integrating the necessary services bound by compliance and governmental regulatory requirements.
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