“Oracle Cloud Infrastructure allows you to use a variety of new features that would be much more expensive if deployed on-premises.”
Letsbank focuses on providing credit products and services to small- and medium-size businesses. Based on the concept of open banking, Letsbank allows non-bank partners to facilitate bank transactions, even if customers don’t have a bank account. These financial transactions are all integrated and performed by Letsbank's app.
To provide security, reliability, and scale, Letsbank needed to modernize its infrastructure and move away from an on-premises environment. The company considered moving to a cloud-based environment to allow Letsbank to scale capacity as needed and adhere to the financial industry’s stringent security standards.
With Oracle Exadata Cloud Service, we’ve gained flexibility and the assurance that if there’s abrupt growth or a spike, the bank will support that load.
By moving Letsbank’s app to Oracle Exadata Cloud Service, performance drastically improved, with scalability to one million API calls with other non-bank partners expanding the ecosystem. Letsbank has also reduced the number of transaction losses due to machine failures, and improved the security and reliability of its service. The company has the financial flexibility to pay only for capacity used, which reduces overall costs, because the bank is no longer forced to pay for a set number of transactions.
Looking ahead, the team at Letsbank is exploring the use of a data lake to integrate open source and unstructured data from social and mobile apps with financial transactions to enable more intelligent and assertive decisions and also personalize the customer experience.