Cognizant (NASDAQ: CTSH) has engaged with Cholamandalam Investment and Finance Company Limited (Chola), a leading 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 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™, a suite of ready-to-deploy, on-demand business and IT solutions.
"For the last few years, Chola has been working on leveraging technology to improve its operating efficiencies and serve its customers better. The tie-up with Cognizant is another such step that will help us strengthen our core operations," said Vellayan Subbiah, Managing Director of Cholamandalam Investment and Finance Company Limited. "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. 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."
"We are pleased to partner with Chola on this strategic digital transformation program," said Sowri S. Krishnan, Vice President of Mobility at Cognizant. "This program will enable Chola to work in more collaborative and real-time ways, and unlock workforce productivity. 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. By offering greater personalization and convenience, Chola will be able to take integrated customer experience to the next level."
Shares of Cholamandalam Investment and Finance Company Ltd was last trading in BSE at Rs.580 as compared to the previous close of Rs. 569.3. The total number of shares traded during the day was 4582 in over 661 trades.
The stock hit an intraday high of Rs. 585.55 and intraday low of 570.25. The net turnover during the day was Rs. 2641875.