Muthoot Pappachan Group ties plan UST Global for electronic transformation initiative

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PUNE: The Muthoot Pappachan Group offers tied up with UST Worldwide to modernize its IT infrastructure.

The terms of the deal are not disclosed, but the non-banking fund company said it was the ‘ multi-hundred crore’ task which will be rolled out more than its 4, 200 twigs across the country.

“ This was a key action stage on our agenda – to obtain the IT infrastructure to be operate by a partner across every our branches. We will carry on and do the software development yourself, while the IT infrastructure will be managed by UST Worldwide, ” said Thomas Mark Muthoot , CMD , Muthoot Pappachan Group.

The Thiruvananthapuram-headquartered NBFC said it was among the biggest such digitization initiatives in this space.

“ As bankers to the unbanked, we are very clear that until you use technology, you cannot cause financial inclusion. We are taking a look at a complete transformation of how the normal man will experience lending options going forward, ” said Eugene Koshy, Chief Purpose Official, Muthoot Pappachan Group.

The digitization procedure will meet RBI recommendations for NBFCs. “ This really is designed to future-proof growth programs over the next decade, ” Koshy said.

“ Digitalisation, which assists with detailed, sharp and romantic customer data, in speed, in efficiency, in versatility and in customer service and encounter, therefore , is a key tactical pillar for us, ” mentioned John Muthoot.

Muthoot Fincorp is the range topping firm of the group, but the digitization would cover other team companies like as well. The girls services over 1, 00, 000 customers daily and it has over 26, 000 workers.

The six-year project is currently in modification phase and the rollout throughout all branches would be finished by September 2020. This could cover areas like IT facilities, a new gold loan system, new loan management program, CRM, and data stockroom and analytics.

“ The particular state-of-art cloud solutions constructed around UST’ s very own cloud offerings will speed up the digital transformation endeavours of Muthoot Pappachan Team. It will add great inspiration to Muthoot’ s company operations and help all of them establish a long-lasting relationship using their end customers, ” Gilroy Mathew, Vice President, UST Global, said.

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