Cognizant bags deal from Cholamandalam Investment and Finance

IT major Cognizant today said it has bagged a deal from Cholamandalam Investment and Finance Company to transform the vehicle finance business operations on the digital platform.

No financial details were disclosed.

The move is aimed at helping the financial services division of Murugappa Group to enhance operational efficiency.

"Cognizant has engaged with CIFC 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," it said in a statement.

As part of the agreement, Cognizant would develop multi- channel applications across mobile, tablets and web platform for the field staff and customers to make real-time decision making and improve productivity.

"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," CIFC Managing Director Vellayan Subbiah said.

CIFC currently operates 579 branches across India and with assets under management of over Rs 25,000 crore, it has 7.50 lakh customers.

This programme will enable Chola to work in more collaborative and real-time ways and unlock workforce productivity, Cognizant Vice President (Mobility) Sowri S Krishnan said.

"It will help Chola not only to improve the speed and efficiency of loan origination and recovery, but also build digital capabilities," Krishnan added.