Credify experiences 4X faster time to market with Oracle Cloud Infrastructure

To meet their financial needs, 77% of India’s workforce relies on personal loans, often in the form of “instant loans” that are facilitated by a secure digital app. When done right, the entire process takes only 15 to 20 minutes, from application to receipt of funds. The country now leads the world in adoption of instant loans, with almost US$40 billion in transaction volume in 2021.

By offering Creditt, an instant loan app that uses non-traditional credit scoring and artificial intelligence (AI), Credify Technologies is delivering revolutionary and innovative changes to the instant lending market. As a result, the company has become a key player in driving financial inclusion for underserved segments of the Indian population.

India’s increasingly tech-savvy population values speed, security, and simplicity when considering an instant loan provider. Prior to moving to Oracle, Credify’s technology infrastructure was on HostGator, with a shared hosting setup for both its applications and MySQL Database. Early in 2022, Credify’s management team recognized the need to upgrade the company’s technology platform and related services to scale to demand, strengthen compliance processes, accelerate decision-making, and better serve non-banking financial company (NBFC) partners.

To overcome these challenges, Credify evaluated AWS RDS, Aurora, and Oracle MySQL HeatWave Database Service running on Oracle Cloud Infrastructure (OCI). During the selection process, Credify’s IT team partnered with Oracle to run a proof of concept. After multiple tests, Credify decided to migrate from other cloud services to OCI and tap Oracle MySQL HeatWave for better price performance and less administration from the managed service. The Credify team was also impressed with Oracle’s entire support organization, including DBAs. Ultimately, the company selected Oracle as the most technically and commercially viable solution.

Credify migrated its applications and data to OCI in just eight days. Since then, the company realized numerous qualitative and quantitative results.

OCI improved application performance by 4X compared to what Credify experienced when evaluating AWS RDS. Similarly, Credify experienced 4X faster time to market with the MySQL HeatWave  managed database service as the company offloaded routine and time-consuming administration tasks, including high-availability setups, security patches, upgrades, and provisioning. As a result, the team can now focus on core development and remote working operational challenges for more strategic contribution.

Additionally, with the help of Oracle Support, the IT teams realized a 25% reduction in resource hours required to extract and prepare data for consumption by technology and line-of-business owners. And Credify radically increased its ability to scale to demand, with a threefold increase in loan origination capacity.

OCI’s production infrastructure helped the IT team establish end-to-end data security. As a result, Credify enjoys stronger compliance with the Reserve Bank of India’s data regulations and protection laws, with enhanced ease of use when monitoring compliance issues via the Oracle MySQL Enterprise Monitor.