Cloud technology allows lenders to operate at a comparatively low cost for high volume, providing cost-effective scalability to businesses. While leaving the financial lenders to welcome the prospects freeing themselves from the hassles of cloud upgrades, backups, disaster recovery & infrastructure maintenance.
In the lending market, there is intense competition that requires lenders to streamline their processes and routines in order to meet the growing demand for credit. To scale up their business, financial lending companies like NBFCs and MFIs need to leverage time-saving technologies.
Utilizing cloud-based solutions allows them to focus on their business innovation goals and build great customer experiences.
One of our clients, Who is leading consumer finance NBFC established with the aim of providing technology-driven loans to customers. The company leverages an offline and online sourcing model for loan origination. With the growth in business, the application is required to scale on-demand to accommodate peak usage, be secured to thwart online attacks and provide traceability of user actions for compliance purposes while operating within a limited budget.
How you can accelerate business transformation using cloud technology, Read here!
Challenges
To implement the actions that will improve the platform’s maturity, by undergoing Cloud Maturity Assessment, to enable businesses to fulfill their obligations to the users, users, & regulatory bodies.
- Documentation of the design, architecture, and operations is lacking
- The existing team has limited cloud architecture skills
- Platforms for cloud management and governance are unavailable
Solution
With help of our cloud consulting, we conducted a holistic cloud platform maturity assessment aligned to industry best practices and AWS Well-Architected Framework consisting of
Security,
Operational Excellence,
Reliability,
Cost Optimization and
Performance
- Total of 37 findings were identified to improve the platform maturity across the 5 pillars of Industry best practices
- 80% of these recommendations were implemented within two weeks of identification
- Cloud-Native services for security & traceability using – WAF, CloudTrail, GuardDuty, and required SecurityGroup rules were implemented
- Access keys rotation, IAM user, and group with RBAC were implemented
- The database was re-platformed to take advantage of managed service using RDS for MySQL
- Instance right sizing along with RI was carried out for cost optimization
- Instance types and EBS volumes were upgraded to use the latest version for better performance
- Runbooks and operations documentation along with contact and escalation matrix were created
- Cloud platform management was deployed for governance and operations of the platform
- Autoscaling groups for application servers were deployed to address peak demands
Benefit
- Platform & web-facing application security is level up to Industry best practices.
- The NBFC saved 30% on costs by eliminating unused instances, implementing RI/Savings plan and right-sizing
- Scalability and availability of the application were both improved by 100%
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