Equitas Small Finance Bank tackles cybersecurity with Oracle
The microfinance lender ramps up security and streamlines the customer and employee login experience with Oracle Access Manager.
“We wanted to upgrade our existing system to meet the business needs. We were also concerned whether implementation would hinder our day-to-day job. With Oracle Consulting, it was a seamless experience.”
Equitas Small Finance Bank was founded in 2007 by Equitas as a microfinance lender, with headquarters in Chennai, India. The bank, with PAN India operations, is focused on providing financing solutions for individuals and micro and small enterprises that are underserved by traditional financing channels. The company also provides a comprehensive banking and digital platform for general consumers.
Digital banking is at the core of the lender’s operations. However, with more outreach to customers occurring via online platforms, it recognized the increased risk of cyberattacks, and that confidential customer information could be compromised.
The bank was managing numerous core business applications from multiple vendors, which led to inconsistent login experiences for users. Plus, operations were tedious across the many platforms.
To address the risk in siloed identity solutions, the lender needed a consolidated access management solution that could integrate with its existing systems, provide a secure way to access critical financial applications for its employees, and enable single-password logins to improve the user experience.
Why Equitas Chose Oracle?
As Equitas looked to continue innovation, its priority was to provide a secure and consolidated experience for customers and employees. It decided to implement Oracle Access Manager so that customers and employees could access all platforms with a single login.
In just 5 months, the bank implemented Oracle Access Manager 12cPs4 in three environments, providing single sign-on for its core banking applications. This transformed the way customers and employees access data at Equitas. As more people used multiple devices to access applications, Oracle Access Manager consolidated all platforms onto one integrated solution.
As part of the project, cybersecurity was top of mind for the bank. The bank partnered with Oracle Consulting, which helped address the regulations put in place by the Reserve Bank of India. The new integrated platform included a cybersecurity framework, ensuring transactions complied with RBI’s regulations.
Oracle Consulting helped Equitas implement Oracle Access Manager with single sign-on and multifactor authentication to provide additional security and improved user experience for customers and employees.