IT services provider Cognizant announced its digital deal with Cholamandalam Investment and Finance Company (Chola), a financial services provider in India.
The digital deal is expected to transform Chola’s vehicle finance business operations, from loan origination through recovery, in order to reduce costs, improve business agility, and deliver an integrated customer experience.
As part of the IT deal, Cognizant is developing multi-channel applications across mobile, tablets and web for Chola field staff and customers to drive real-time decision-making and improve productivity. Chola aims at improving customer turnaround time, enhancing operational efficiencies, and reducing costs.
Workforce of Chola will benefit from the efficiency and engagement levels. Digitizing its operations will help reduce human errors and improve the speed and efficiency of loan origination, servicing, and arrears management.
Cognizant has licensed TruMobi, a suite of ready-to-deploy, on-demand business and IT solutions, to provide Chola better control over its mobile applications.
Chola operates from over 579 branches across India with assets under management above Rs 25,000 crore.
“This program will enable Chola to work in collaborative and real-time ways, and unlock workforce productivity. It will help Chola to improve the speed and efficiency of loan origination and recovery, thus enhancing credit quality,” said Sowri S Krishnan, vice president of Mobility at Cognizant.