Vietnam consumer lender FE Credit’scustomer base has grown nearly four-fold, from 3 million in 2015 to 11 million at the end of 2020, of which 95% are smartphone users with an average of three to four hours of daily screen time.
Meeting the financial needs of this ever-expanding customer base quickly and with ease is a priority for FE Credit.
To this end, it is moving the majority of its IT infrastructure over to Amazon Web Services (AWS) to allow it to respond faster to the company’s business objectives in market penetration and expansion.
The move will make it Vietnam’s first non-bank financial services provider to be fully hosted in the cloud.
“Moving our entire infrastructure to AWS is part of our decision to scale up our capacity for innovation. We gain the speed and agility required to launch new financial services more easily, and we are better able to fulfil the financial needs of future customers,” said Kalidas Ghose, vice chairman and chief executive officer at FE Credit.
FE Credit has migrated most of its mission-critical applications to AWS, including the Infosys Finacle Digital Banking solution suite, and its own $NAP and SHIELD mobile applications for consumer loan, credit card, and insurance products.
One of the goals of the migration to the cloud is to enable the bank to launch consumer products faster while lowering costs.
By scaling its workloads based on demand using Amazon Elastic Compute Cloud (Amazon EC2), FE Credit reduced the time required to deploy new functions for Finacle Digital Banking from three months to two weeks and expects to reduce infrastructure maintenance and operation costs over the next five years.
It can also monitor and automate compliance more easily by leveraging AWS’s reliable and secure infrastructure while continuing to store personal customer data safely in its on-premises environment in Vietnam.
“Cloud technology helps financial services companies to rapidly deliver more innovative and personalized customer services,” said Conor McNamara, Managing Director of ASEAN at AWS.