Mahindra & Mahindra Financial Services Limited and IBM announced their partnership to create a “Super App” aiming to provide customers with a single digital financial services platform, through a press note on Tuesday, February 13, 2024.
The “super app” will enable the customers to access the different services of Mahindra Group’s NBFC arm and have a 24/7 digital access to them.
Focussing on both, the rural as well as urban customers, and to streamlining the digital lending process, it would help consumers with various vehicle and non-vehicle lending businesses, including personal loans, enterprise loans, mortgage loans, leasing solutions, payments, fixed deposits, insurance solutions, and other investment & wealth management solutions under a single umbrella, the company said.
“We at Mahindra Finance are keen to accelerate delivery of our digital financial solutions to better serve our customers. The super app is a strategic lever that will expedite growth of key businesses in an operationally efficient manner that combines omnichannel capabilities. It will also empower us to create hyper-personalised solutions for emerging India,” said Raul Rebello, MD & CEO-Designate of Mahindra Finance.
IBM Consulting will support “human-centred design methodology” to elevate the super app experience for its consumers, tracking actions of their lending journey.
Aided with technologies such as cloud transformation and cloud management, IBM will help Mahindra build a secure, growth-achieving and sustainable digital infrastructure which would create customer value with an exclusive UI design.
Rishi Aurora, Managing Partner of IBM Consulting India & South Asia, on the development said, “Super apps have the potential to bring a paradigm shift in the financial services industry, enabling significantly superior customer engagement and unleashing new business models.”
“Leveraging future-ready hybrid cloud capabilities, the super app will help Mahindra Finance move up the value chain through unique differentiated customer experiences,” Aurora added, while elaborating about IBM’s experience with other organisations in various phases of driving digital growth in the country.
A subsidiary of Mahindra Group, Mahindra Finance has assets under management worth USD 11 Billion and it looks to expand and diversify its businesses in the rural and semi-urban India with its new venture.
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