Chola putting vehicle finance on digital wheels

MUMBAI, INDIA: Cognizant is engaging with Cholamandalam Investment and Finance Company Limited (Chola), a financial services provider in India, to digitally transform its vehicle finance business operations, from loan origination through recovery, in order to reduce costs, improve business agility, and deliver an integrated customer experience.

Cognizant shared it is bringing together its consulting, digital strategy, industry and technology expertise to re-engineer business processes and digitize workflows across systems. Cognizant is developing multi-channel applications across mobile, tablets and web for Chola field staff and customers in order to drive real-time decision-making and improve productivity. Through this digital transformation program, Chola will be able to improve customer turnaround time, enhance operational efficiencies, and reduce costs.

Mobile-enabling its workforce will also help Chola boost the efficiency and engagement levels of its field staff, branch managers, dealers and vendors, and digitizing its operations will help reduce human errors and improve the speed and efficiency of loan origination, servicing, and arrears management. To provide Chola better control over its mobile applications, Cognizant has licensed TruMobi, what it calls a suite of ready-to-deploy, on-demand business and IT solutions.

Vellayan Subbiah, Managing Director of Cholamandalam Investment and Finance Company Limited, said: “The tie-up with Cognizant will help us strengthen our core operations. We selected Cognizant because of its domain and digital expertise, supported by its industry-leading solutions and platforms. Digital channels hold the key to service and pricing innovation for retaining existing customers and attracting new ones.”

Sowri S. Krishnan, Vice President of Mobility at Cognizant, said: “This program 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.”