Muthoot Blue Empowers Common man's Financial Well-being Through Technology With Digital Blue Initiative in Partnership With UST Global

BANGALORE, Feb. 10, 2020 /PRNewswire/ -- Muthoot Pappachan Group, popularly known as Muthoot Blue, a diversified conglomerate in the financial services industry, today announced the kick-start 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, digitalization will provide the foundation for sustainable growth, keeping Muthoot Pappachan Group abreast of the rapidly changing environment and staying relevant for the future.

Speaking on the partnership, Mr. 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 an 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. Digitalization, which helps in detailed, sharp & intimate customer data, in agility, inefficiency, inflexibility 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, Mr. 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 realized if we digitalize 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 customer at the center 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 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.

About Muthoot Pappachan Group

Muthoot Pappachan Group (MPG), the much-diversified business conglomerate has been providing solutions, services and expertise to millions of customers across the country in various domains like financial services, automotive, realty, hospitality, IT and alternate energy. Over the years, Muthoot Pappachan Group has grown to become a significant entity in the Indian business landscape. Muthoot Pappachan Group, in fact, is one of the largest employees in the country, across industries, providing employment to over 26,000 people and endeavouring to give them a family-like work environment. The Group's customer-centric approach and innovation in terms of new products that cater to changing customer needs, have helped in gaining the loyalty of innumerable customers, as well as attracting new ones. The Group adopts the latest technology and new ways of catering to the needs of customers, coupled with an uncompromising stand on values, principles and ethics.

Do visit us at www.muthoot.com and at www.muthootblue.com to know more.

About Muthoot Fincorp Ltd.

The flagship company of Muthoot Pappachan Group is one of the largest NBFCs in India with around 3600 branches, pan India. Muthoot Fincorp is a provider of retail finance, predominantly in the form of secured and unsecured loans, to the middle and low-income customer. Decades of customer-centricity, dedicated research and experience with the customers & their families have enabled the Company to provide quick and customized financing options & investment schemes for millions of customers. Muthoot Fincorp is one amongst the largest Gold Loan companies in India. At the same time the Muthoot Fincorp branches offer a diverse mix of retail offerings - including products of its Group companies - catering to the various needs of its customers including MSME Loan products, Affordable Housing Loan, Two-Wheeler Loan, Used-car Loan, Domestic & International Money Transfer, Chits, Foreign Exchange, Insurance Products & Services Wealth Management Services, Affordable Gold Jewellery and so on.

About UST Global

UST Global is a technology partner dedicated to transforming businesses, communities, and the people who live within them. Operating in 25 countries, we deliver future-ready digital transformation strategy services, products, and platforms that create new possibilities and help you imagine what's next in banking and finance, healthcare, retail, manufacturing, semiconductor, technology and media. But what matters most is the deep partnership we forge with you to solve the unique challenges you face today, while preparing you for tomorrow. That's us together. That's UST Global. Visit us at www.UST-Global.com

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