Muthoot Pappachan Group, popularly known as Muthoot Blue, a diversified conglomerate in the financial services industry, today announced the kick-start of an end-to-end 'Digital Transformation' of its financial services business, as a significant part of group-wide business transformation exercise.
This transformational journey, aptly branded as Digital Blue, is in partnership with UST Global, a reputed global information technology solutions and services company.
The Digital Blue initiative has been divided under different towers aiming specific outcomes. These towers include IT Infrastructure, all-new Gold Loan platform, new Loan Management System, CRM, Data Warehouse and Analytics; which will all fit into a new enterprise-level architecture.
This digital transformation exercise is primarily aimed at easing scalability, building quick and agile decision-making capability, increased productivity and efficiency from business and cost standpoints.
As a comprehensive and complete tech-led transformation, Digital Blue is an intensive and extensive six-year-long journey with the ultimate objective to add wings to Muthoot Blue's purpose, 'To transform the life of the common-man by improving their financial well-being'.
With tomorrow's business being technology-driven, digitalization will provide the foundation for sustainable growth, keeping Muthoot Pappachan Group abreast of the rapidly changing environment and staying relevant for the future.
More From This Section
"If the unbanked in India were to be a country, it would be the seventh-largest country in the world. Real change in the lives of the people in the lower strata of the socio-economic pyramid comes with an improvement in their financial status and hence, financial inclusion for more and more of the common man is at the core outcome for us at Muthoot Blue," said Thomas John Muthoot, Chairman and Managing Director, Muthoot Pappachan Group, while speaking on the partnership.
"Digitalization, which helps in detailed, sharp and intimate customer data, in agility, inefficiency, inflexibility and in customer service and experience, therefore, is a key strategic pillar for us. Accordingly, we went with one of the global leaders in the tech-business, UST Global and am so very happy to announce the birth of Digital Blue," added Muthoot.
"Our goal of being the preferred financial service provider of choice to the Common Man can only be realized if we digitalize our financial services delivery. Our engagement is such that we are servicing over 100,000 customers every day at 4,200 fully owned branches through 26,000 plus employees," said Eugene Koshy, Chief Purpose Officer and the lead behind the group-wide business transformation exercise of Muthoot Pappachan Group, while emphasizing on the omnipresent and omnipotent impact of the Digital Blue.
"Accordingly, we have kept our PURPOSE and our customer at the center of all digital initiatives under this transformation journey. This primarily involves developing a state-of-the-art-infrastructure for cutting edge applications across all our key products and services, which will ensure superior customer service and delight, including all the regulatory compliance as expected from a systemically important NBFC. UST Global was chosen as our partner in this exercise not just because of its global prowess in technology, but also due to the close alignment and synergy we had in our business culture," added Koshy.
"UST Global and Muthoot Pappachan Group have a common mission - To Transform Lives. Muthoot has been touching and transforming the lives of common man by catering to their financial needs. UST Global is into transforming lives using cutting edge technology," said Alexander Varghese, Chief Operating Officer, UST Global.
"When the power of transformation is enhanced with digital technology, the most benefitted is the common man. UST Global with extensive experience in digital transformation across the globe, is fully committed to Muthoot Pappachan Group in helping them to stay ahead in the highly competitive NFBCs market," added Varghese.
"The state-of-art cloud solutions built around UST's own cloud offerings will accelerate the digital transformation initiatives of Muthoot Pappachan Group. It will add great impetus to Muthoot' s business operations and help them establish a long-lasting relationship with their end customers. Digitalization and IT modernization will pave way not just for stronger customer and user experience but also improve IT security and operations for Muthoot Pappachan Group", added Gilroy Mathew, Vice President, UST Global.
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article.
Disclaimer: No Business Standard Journalist was involved in creation of this content
