Muthoot Blue Launches Digital Blue Initiative
Thiruvananthapuram: Muthoot Pappachan Group, popularly known as Muthoot Blue, a diversified conglomerate in the financial services industry, has started the end-to-end digital transformation of its financial services business, as a significant part of the group-wide business transformation exercise. This transformational journey, aptly branded as Digital Blue, is being undertaken in partnership with UST Global.
The digital transformation exercise, aptly branded as Digital Blue, is being undertaken in partnership with UST Global
The Digital Blue initiative has been divided under different towers aiming at specific outcomes. These towers include IT Infrastructure, all new gold loan platform, new loan management system, CRM, data warehouse and analytics which all will fit into a new enterprise-level architecture. This digital transformation exercise is primarily aimed at easing scalability, building quick and agile decision-making capability and increasing productivity and efficiency from business and cost standpoints.
As a comprehensive and complete tech-led transformation, Digital Blue is an intensive and extensive six-year-long journey with the ultimate objective of giving wings to Muthoot Blue’s dream, ‘To transform the life of the common man by improving their financial well-being’.
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 seventh 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 of the common man is the main aim of Muthoot Blue. Digitalisation, which helps in detailed customer data, in agility, in efficiency, in flexibility and in customer service and 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 I am very happy to announce the birth of 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 of the common man can only be realised if we digitalise our financial services delivery. Our engagement is such that we are servicing over one lakh customers every day at 4200 fully-owned branches through 26,000-plus employees. Accordingly, we have kept our customer 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 and 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 stay ahead in the highly competitive NBFC market,” said Alexander Varghese, Chief Operating Officer, UST Global.