 "Cognizant to digitise Cholamandalam Investment and Finance")
Cognizant is working with Cholamandalam Investment and Finance Company Ltd, a Murugappa Group company into financial services, to digitally transform the latter's vehicle finance business operations from loan origination through recovery, to reduce costs and improve business agility.
According to an announcement, the IT firm is offering its consulting, digital strategy, industry and technology expertise to re-engineer business processes and digitise workflows across systems.
The company is developing multi-channel applications across mobile, tablets and web for Chola field staff and customers, for reali-time decision-making and improve productivity, it said.
The digitisation would help Chola to improve its customer turnaround time, enhance operational efficiencies and reduce costs, said the company.
"The market we serve is constantly changing, and adopting the latest available technologies is the fastest way of keeping pace with the needs and expectations of our customer segments," said Vellayan Subbiah, managing director of Chola.
"It will help Chola to not only improve the speed and efficiency of loan origination and recovery, thus enhancing credit quality, but also build digital capabilities and embed the latest innovations in its business to address the needs of the future," said Sowri S Krishnan, vice president of mobility at Cognizant.
Chola operates from over 579 branches across the country with assets under management of over Rs 25,000 crore. It commenced business as an equipment financing company and has grown into comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking, among others.