Unico Housing Finance Taps Oracle To Uplift India’s Unbanked Community

India’s digital housing finance company chooses Oracle to offer affordable housing solutions for lower and middle-income customers at scale 

Unico Housing Finance (Unico),  a new-age digital housing finance company, has strategically chosen Oracle Cloud Infrastructure (OCI) as the foundation for its innovative technology designed to provide housing loan solutions and services to underserved segments of Indian society. Using OCI, Unico aims to expedite the home loan approval process, empowering aspiring homeowners to get closer to owning their dream homes. This deliberate and strategic move underscores Unico’s dedication to harnessing cutting-edge technology to effectively meet the distinctive requirements of the affordable housing market in India.

Home ownership demand in India is rising, with the home loan market expected to double in five years. Unico Housing Finance, registered with the Reserve Bank of India, was launched with the objective to provide affordable housing loan solutions and services to India’s unbanked and underserved communities. To further support this segment, Unico is looking at creating a unique marketplace to host a home construction-related service contractors database to create new business opportunities. To meet its mission, Unico needed cloud services designed to run any application faster and more securely for less. After evaluating several cloud options, Unico selected OCI for its superior performance, scalability, security, ability to adjust capacity based on demand, and low cost. 

“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 underserved 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 sets out on its digital journey, it has leveraged several Oracle Cloud Infrastructure (OCI) services to support its digital business ambition. Oracle Base Database Service helps Unico achieve enhanced database performance, reducing operational complexities and empowering efficient resource utilization. In contrast, Oracle Autonomous Data Warehouse helps in data staging to eliminate cumbersome data backup tasks. Oracle Analytics Cloud will provide Unico a single and complete platform to help them source data from anywhere – across any environment, on any device – to help them uncover business insights and increase productivity easily and cost-effectively. Implementing the OCI Database with PostgreSQL, a top-tier managed service, boosts system resilience and performance and improves the scalability of computing and storage. while providing Unico with enhanced data security with end-to-end encryption. The built-in intelligence of OCI Full Stack Disaster Recovery helps Unico generate disaster recovery plans tailored for Oracle Applications. Cloud Guard manages Unico’s security posture offering a unified view of cloud security posture across Oracle Cloud Infrastructure and provides security administrators with the visibility to triage and resolve cloud security issues.

A key reason Unico selected Oracle was its full suite of capabilities – from cloud to applications and industry solutions. In addition to OCI, Unico will also implement Oracle FLEXCUBE  to process loans in a timely manner without compromising the banking experience. Oracle Fusion Cloud Financials, the fastest and most scalable general ledger in the market, will enable Unico to connect and automate its financial management processes to meet financial compliance, ultimately helping it improve its bottom line and gain real-time visibility to its 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.”

Image Source: Freepik

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