Kochi: Manappuram Finance, claiming to be the country’s first listed and highest credit rated gold loan company, has inked a 10 year multi-million dollar deal with IBM to transform its IT systems in support of its aggressive growth plan.
The IT services deal will ensure Manappuram delivers superior customer service in a highly commoditised market, a Manappuram Finance press release said.
IBM will build and manage the entire IT infrastructure for Manappuram Finance and deliver application transformation benefits through implementation of leading business solutions in Finance, Human Resource Management, Business Intelligence Collaboration tools and Document Management, it added.
Manappuram Finance has over 2,300 branches across India.
To support aggressive growth plans, Manappuram Finance made a strategic decision to strengthen the company’s IT system to speed up their go-to-market time, enhance productivity, and increase efficiency resulting in competitive advantage.
Manappuram Group of Companies chairman V P Nandakumar said, “We intend to keep growing rapidly and this engagement with IBM will bring in the required technology skills and industry expertise we need to meet the demands of hyper growth and quicker disbursal of gold loans.’
The release further stated that IBM’s relationship with Manappuram started in 2009, when it engaged IBM for an IT strategy project to support their rapid growth plans.
IBM helped Manappuram identify and address gaps in their business processes and IT systems, risks (and how to mitigate them), areas for operational efficiency and business process transformation.
“IBM will deploy technologies,processes and best practices to enable Manappuram Finance to focus on its core business and offer a superior customer experience,” IBM India/South Asia vice president (South) Sriram Rajan said.