Equitas Small Finance Bank harnesses Oracle Access Manager to ramp up on cybersecurity

August 18, 2021 | 4 minute read
Jacey Allan
APAC MARKETING AND COMMUNICATIONS MANAGER
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Building trust with its customers by upgrading its digital platforms with a SSO solution

Equitas Small Finance Bank (ESFBL) is a small finance bank founded in 2007 by Equitas as a microfinance lender, with headquarters in Chennai, India. The Bank commenced the business of SFB in September 2016. It is the first private sector bank in Tamil Nadu to commence operations post Indian Independence. ESFBL, with PAN India operations, is focused on providing financing solutions for individuals and micro and small enterprises (MSEs) that are under-served by formal financing channels while providing a comprehensive banking and digital platform for all.

ESFBL prides itself as a small finance bank that aims to change the way banking is imagined, delivered, and experienced. Digital banking lies at the core of how the bank operates. However, with more outreach to customers via online platforms, therein lies the threat of cyber-attacks and the risk that confidential information may be compromised. Hence, it saw the need to constantly upgrade its operating systems to ramp up on cybersecurity, as trust is a key driver for its success.

 

A Secured Single Sign-On

Over the years, enterprise access management became a topic up for discussion as organizations become more and more digitized in operations. The same goes for financial institutions such as ESFBL. Besides continuously adapting to its growing customer base, it had to shift its focus inwards and ensure all data collected stayed safely within the organization. At that time, operations were tedious as it had many different platforms that were not standardized onto one single platform, meaning that an employee had to key in different passwords for each platform. Above that, ESFBL wanted to adopt a secure way for employees to access critical financial applications.

With these requirements in mind, ESFBL had to look for a digital solution that would gel well with its existing system, reduce multiple logins by rolling out a Single Sign On (SSO) login mechanism, and create a cybersecurity framework that was comprehensive in dealing with any operational loopholes.

Oracle Access Manager was able to transform the way customers and employees access data at ESFBL. With more users leveraging multiple devices to access applications, it was the solution to consolidate all platforms onto one integrated solution with a single login. Being able to combine ESFBL’s existing platforms with an overarching new Oracle solution lay in the hands of Oracle Consulting. Implementation is an important factor during the digital transformation journey, as ESFBL’s was concerned about whether daily operations would be affected. Oracle Consulting had the expertise and technical knowledge of how Oracle Access Manager works, as well as how the incumbent platforms would fit into the new integrated platform.

 

Building Trust through Digital Solutions

On January 23, 2021, ESFBL came onboard with Oracle Access Manager. ESFBL has seen tangible improvements in operations, including how SSO and multi-factor authentication helped employees gain easier access to data. Better user experience for employees meant increased work efficiency and improved customer experiences.

Cybersecurity was another goal for the implementation. Hence, Oracle Consulting was sensitive to the regulations set in place by the Reserve Bank of India. The new integrated platform also included a cybersecurity framework, ensuring transactions complied with RBI’s regulations. This works to build trust with customers, who knew that they were in good hands.

“While we wanted to upgrade our existing system to meet the needs of the business, we also were concerned about whether implementation would hinder our day-to-day job. With Oracle Consulting, it was a seamless experience, as business was as usual even after SSO was introduced. We can now securely access critical financial data easily with just one user login.” says Noiel M. Benedict, Deputy Vice President, Information Security, Equitas Bank


Looking Ahead

As more businesses adopt digital banking solutions, having effective cybersecurity programs has become more important than ever before. ESFBL proactively sought for a digital solution that ensured that access to critical data and information were securely managed via the Oracle Access Manager. With the expertise and technology to navigate this changing landscape, Oracle Consulting continues to work with partners across the banking and finance industry to meet their growing needs as they transform their businesses. Learn more about Oracle Consulting and how it can support your organization’s digital transformation.

 

To learn more about Oracle Consulting, please visit our official page here.

If you would like to know more about Oracle's Cloud solutions and how we can make cloud happen for you, please get in touch with Dhananjay Bendre, our India Consulting Sales Director.

Jacey Allan

APAC MARKETING AND COMMUNICATIONS MANAGER

Jacey drives and lead the Marketing & Communications for Apps and Tech across APAC Consulting. From publishing wins/go-lives stories and executive communications, to driving customer advocacy on references assets.


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