Muthoot Blue announces its Digital Blue initiative with UST Global
Muthoot Pappachan Group, popularly known as Muthoot Blue, a diversified conglomerate in the financial services industry has announced the kick-starting of an end-to-end ‘Digital Transformation’ of its Financial Services business, as a significant part of group-wide business transformation exercise. This transformational journey, aptly branded as Digital Blue, is in partnership with UST Global, a reputed global information technology solutions and services company.
The Digital Blue initiative has been divided under different towers aiming specific outcomes. These towers include IT Infrastructure, all new Gold Loan platform, new Loan Management System, CRM, Data Warehouse & Analytics; which will all fit into a new enterprise level architecture. This digital transformation exercise is primarily aimed at easing scalability, building quick and agile decision-making capability,increased productivity and efficiency from business and cost standpoints.
As a comprehensive & complete tech-led transformation, Digital Blue is an intensive & extensive six -year long journey with the ultimate objective to add wings to Muthoot Blue’s Purpose, ‘To Transform the Life of the Common-man by improving their Financial Well-being’. With tomorrow’s business being technology-driven, digitalisation will provide the foundation for sustainable growth, keeping Muthoot Pappachan Group abreast with the rapidly changing environment and staying relevant for the future.
Speaking on the partnership, Thomas John Muthoot, Chairman and Managing Director, Muthoot Pappachan Group said, “If the unbanked in India were to be a country, it would be the 7th largest country in the world. Real change in the lives of the people in the lower strata of the socio-economic pyramid comes with improvement in their financial status and hence, Financial Inclusion for more & more of the common man is at the core outcome for us at Muthoot Blue. Digitalisation, which helps in detailed, sharp & intimate customer data, in agility, in efficiency, in flexibility and in customer service & experience, therefore, is a key strategic pillar for us. Accordingly, we went with one of the Global Leaders in the tech-business, UST Global and am so very happy to announce the birth of Digital Blue”.
Emphasizing on the omnipresent & omnipotent impact of the Digital Blue, Eugene Koshy, Chief Purpose Officer and the Lead behind the group wide business transformation exercise of Muthoot Pappachan Group, said, “Our goal of being the preferred financial service provider of choice to the Common Man can only be realised if we digitalise our financial services delivery. Our engagement is such that we are servicing over 100,000 customers every day at 4,200 fully owned branches through 26,000+ employees. Accordingly, we have kept our PURPOSE and our customers at the centre of all digital initiatives under this transformation journey. This primarily involves developing a state-of-the-art-infrastructure for cutting edge applications across all our key products and services, which will ensure superior customer service and delight, including all the regulatory compliance as expected from a systemically important NBFC. UST Global was chosen as our partner in this exercise not just because of its global prowess in Technology, but also due to the close alignment & synergy we had in our business culture.”
“UST Global and Muthoot Pappachan Group have a common mission – To Transform Lives. Muthoot has been touching and transforming lives of common man by catering to their financial needs. UST Global is into transforming lives using cutting edge technology. When the power of transformation is enhanced with digital technology, the most benefitted is the common man. UST Global with extensive experience in digital transformation across the globe, is fully committed to Muthoot Pappachan Group in helping them to stay ahead in the highly competitive NFBCs market,” says Alexander Varghese, Chief Operating Officer, UST Global.
“The state-of-art cloud solutions built around UST’s own cloud offerings will accelerate the digital transformation initiatives of Muthoot Pappachan Group. It will add great impetus to Muthoot’ s business operations and help them establish a long-lasting relationship with their end customers. Digitalization and IT modernization will pave the way not just for stronger customer and user experience but also improve IT security and operations for Muthoot Pappachan Group,” added Gilroy Mathew, Vice President, UST Global.