Empowering India's Digital Revolution: Bridging Social Divides with Technology

By Shailender Kumar, Senior Vice President and Regional Managing Director, Oracle India and NetSuite JAPAC—14 February, 2024

In an era defined by rapid technological advancement, India stands at the forefront of a digital revolution poised to reshape the nation's socioeconomic landscape. As the world's largest democracy and a burgeoning economic powerhouse, India's journey toward digital empowerment holds immense promise for fostering inclusive growth and driving meaningful societal change. At the heart of this transformation lies Oracle's unwavering commitment to innovation and its vision for leveraging technology to empower individuals, businesses, and communities across the country.

Digital Transformation: A Catalyst for Progress

India's digital transformation is underway, fuelled by a confluence of factors including widespread internet connectivity, government-led initiatives, and a burgeoning startup ecosystem. From urban metropolises to rural hinterlands, the digital wave is permeating every facet of Indian life, revolutionizing how people work, communicate, and access services. As the nation embraces future-facing technologies such as artificial intelligence, Internet of Things, and cloud computing, the potential for driving inclusive innovation and economic growth knows no bounds.

Empowering Financial Inclusion: The Oracle Advantage

Despite significant strides in digital adoption, nearly 200 million Indians over the age of 15 still lack access to formal banking services, hindering their ability to participate in the modern economy. Oracle's technology is playing a pivotal role in bridging this gap, empowering financial institutions in their mission to serve the unbanked and underserved sectors of Indian community. Some of these include:

  • AU Small Finance Bank uses innovative technologies to serve customers who lack financial records, established histories, and even credit ratings so rural farmers can more easily buy tractors, photographers can buy new cameras, and textile workers can upgrade their equipment.
  • Unico Housing Finance, a new age digital housing finance company, is using Oracle's secure and agile cloud platform to expedite the home loan approval process, empowering aspiring homeowners to get a step closer to owning their dream homes.
  • Bandhan Bank, one of the largest private banks in India, serving a customer base of nearly 32 million through a robust network of over 6,250 banking outlets across 35 states, recently announced the successful overhaul of its core banking system and the expansion of its digital services to cater to millions of customers, particularly focusing on underserved segments within Indian society.
  • Yubi, one of the world's first unified credit platforms, facilitates over more than 1 million daily average transactions, empowering 750+ lenders to disburse joint loans exceeding US$1.2 billion to over 1 million customers across India. With a mission to bridge the credit gap and enable scalability in the co-lending sector, Yubi relies on Oracle Cloud as its trusted partner.

Transforming Critical Sectors: Education, Healthcare, and Agriculture

Oracle's impact extends beyond the financial sector, encompassing critical areas such as education, healthcare, and agriculture. And across the board, Oracle’s technology is speeding up project execution, improving productivity, introducing greater transparency, and delivering enterprise-grade efficiency. By streamlining operations, boosting efficiency, and unlocking innovation through AI and analytics, Oracle is equipping large enterprises, SMBs and startups with the tools they need to scale and thrive in the digital age.

By collaborating with organizations like Ekstep Foundation, Apollo Hospitals, and IFFCO, Oracle is driving innovation and efficiency, ultimately improving outcomes for millions of Indians. From powering the Government of India's national education platform "DIKSHA", to supporting IFFCO in modernizing agricultural practices through cloud-based platforms, Oracle's technology is facilitating access to quality education, healthcare services, and agricultural resources, thereby enhancing livelihoods and fostering sustainable development.

Driving Inclusive Growth: A Collaborative Approach

Realizing India's digital potential requires a collaborative effort involving government, industry, academia, and civil society. Oracle is committed to fostering partnerships and initiatives that promote inclusive growth and empower marginalized communities. By providing training and certification programs like the Sunbird on OCI course, Oracle is equipping individuals with the skills and knowledge needed to thrive in the digital economy.

Conclusion: Towards a Digital Future

As India charts a course towards a digital future, Oracle remains steadfast in its mission to empower individuals, businesses, and communities to unlock their full potential. By leveraging innovative technologies, fostering collaboration, and championing inclusive innovation, Oracle is helping to build a brighter, more prosperous and equitable future for India and its people. Together, we can unleash the full promise of India's digital revolution and create a more inclusive, equitable, and sustainable society for generations to come.

In the pursuit of digital empowerment lies the key to unlocking India's boundless potential. With Oracle as a trusted partner and ally, we stand poised to embrace the opportunities of tomorrow and shape a brighter future for all.