Unico Housing Finance and Oracle to Empower India’s Unbanked Community

Unico Housing Finance (Unico) is a digital housing finance company that has purposefully selected Oracle Cloud Infrastructure (OCI) as the foundation for its innovative technology platform. This platform is designed to offer housing loan solutions and services to underserved segments within Indian society. Leveraging OCI, Unico strives to streamline the home loan approval process, thereby empowering individuals aspiring to own their dream homes. This intentional and strategic decision reflects Unico's commitment to leveraging state-of-the-art technology to efficiently address the unique needs of India's affordable housing market.

The demand for home ownership in India is experiencing a notable upsurge, with projections indicating that the home loan market will double within the next five years. Unico Housing Finance, which is duly registered with the Reserve Bank of India, was established with the explicit aim of offering affordable housing loan solutions and services to India’s unbanked and underserved communities. In a bid to further assist this demographic, Unico is in the process of establishing a distinctive marketplace that will serve as a repository of home construction-related service providers, thereby generating fresh business opportunities.

In pursuit of its mission, Unico required cloud services that could efficiently support a wide range of applications, delivering accelerated performance, enhanced security, and cost-effectiveness. Following a thorough assessment of various cloud options, Unico opted for OCI due to its superior performance metrics, scalability features, robust security protocols, capacity adjustability in response to demand fluctuations, and cost-efficiency.

“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. Unico was launched to bridge the social gap by meeting the credit needs of this undeserved segment, empowering them and fostering a sense of pride in homeownership," stated Babu Vellingiri, CEO of Unico Housing Finance. "We required a resilient, scalable, and secure platform to meet the increasing demand for housing loan solutions and services, and OCI emerged as the ideal choice. With its unparalleled combination of performance, cost-effectiveness, security, and scalability, OCI provided the perfect foundation. Additionally, Oracle Cloud Lift Services complemented our lean IT team with support in planning, architecting, prototyping, and managing cloud migrations, thereby accelerating our time to value.”

“The development of Unico's new platform on OCI is reflective of Unico’s commitment to elevating the overall performance of its critical business applications, achieve heightened scalability, and streamline operational expenses,” he added,

As Unico embarks on its digital transformation journey, it has embraced various Oracle Cloud Infrastructure (OCI) services to propel its digital business aspirations forward. Utilizing Oracle Base Database Service, Unico achieves heightened database performance, streamlining operational complexities and enabling efficient resource allocation. Additionally, Oracle Autonomous Data Warehouse facilitates seamless data staging, eliminating cumbersome data backup tasks.

Unico benefits from Oracle Analytics Cloud, which furnishes a unified platform for sourcing data from diverse environments and devices, facilitating insightful business discoveries and enhancing productivity cost-effectively. Integration of OCI Database with PostgreSQL, a premier managed service, fortifies system resilience and performance, amplifies compute and storage scalability, and bolsters data security through end-to-end encryption.

The inherent intelligence of OCI Full Stack Disaster Recovery enables Unico to devise tailored disaster recovery plans for Oracle Applications. Cloud Guard manages Unico’s security posture, providing a consolidated view of cloud security across Oracle Cloud Infrastructure, empowering security administrators to swiftly address and resolve cloud security concerns.

One of the primary factors influencing Unico's decision to opt for Oracle was its comprehensive array of capabilities, spanning from cloud services to applications and industry-specific solutions. In conjunction with OCI, Unico will integrate Oracle FLEXCUBE to expedite loan processing without sacrificing the quality of banking services. Furthermore, leveraging Oracle Fusion Cloud Financials, renowned for its speed and scalability in general ledger management, Unico will streamline financial operations, ensuring compliance with financial regulations, enhancing profitability, and attaining real-time access to financial reports.

“Small and Medium-sized Businesses (SMBs) form the backbone of India’s economic landscape, making a substantial contribution to the country’s GDP. Oracle is dedicated to supporting the growth aspirations of this important business segment,” stated Shailender Kumar, senior vice president and regional managing director, Oracle India. "Oracle Cloud Infrastructure will enable Unico to operate any application faster and more securely in a cost-effective manner. OCI's offering of over 100 services will facilitate Unico in seamlessly migrating, modernizing, constructing, and scaling its IT infrastructure. Thus, enabling Unico to achieve its mission of turning home ownership aspirations of the underserved community into a reality."