Chennai, 10 March 2015: Cognizant (NASDAQ: CTSH) today announced that it 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.”
About Cholamandalam Investment and Finance Company Limited
Cholamandalam Investment and Finance Company Limited was incorporated in 1978 as the financial services arm of the Murugappa Group. Chola commenced business as an equipment financing company and has today emerged as a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking and a variety of other financial services to customers. Chola operates from over 579 branches across India with assets under management above INR 25,000 Crores.
The subsidiaries of Cholamandalam include Cholamandalam Securities Limited (CSEC) and Cholamandalam Distribution Services Limited (CDSL).The vision of Chola is to enable customers enter a better life. Chola has a growing clientele of over 7.5 lakh happy customers across the nation. Ever since its inception and all through its growth, the company has kept a clear sight of its values. The basic tenet of these values is a strict adherence to ethics and a responsibility to all those who come within its corporate ambit—customers, shareholders, employees and society.
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world’s leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 75 development and delivery centers worldwide and approximately 211,500 employees as of December 31, 2014, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.