May 23, 2017
Cholamandalam Finance has signed a pact with the US-based mobile startup, Mavin, to popularise its mobile app. This pact will help the company in reaching out to customers in rural areas with the help of technology. As a result of this pact, customers will be rewarded for using the Chola app for EMI payments, KYC update etc. through a rewards programme.
Under this programme, the users of Chola app will earn reward points when the use its various features. They can then redeem the points earned for vouchers from popular ecommerce sites like Flipkart and Amazon.
An article published by The Hindu Business Line quotes Vellayan Subbiah, the Managing Director of Cholamandalam Finance describing how this partnership with Mavin will be beneficial to customers.
“Partnering with Mavin is one such initiative to help our customers in tier I-VI towns to move to digital and be rewarded. Transactions for existing and new customers will become seamless and they will receive reward points for every action on the app.”
Cholamandalam Investment and Finance Company Limited (Chola) is part of the Indian business conglomerate Murugappa Group. It provides an array of financial services including home loans, vehicle finance, SME loans, stock broking etc.
Cholamandalam Finance operates around 700 branches in India, most of which are located in tier III, IV, V and VI towns. Thus, the company wants to create an environment of digital inclusion of its customers in these cities through multitude of digital initiatives. Signing a pact with the mobile startup Mavin is one such initiative.