Mahindra & Mahindra Financial Services Limited (Mahindra Finance) has partnered with American technology company IBM to develop a super app.
The digital platform aims to be a 24x7 gateway for consumers across India, offering a single interface to access a wide array of financial services.
The development aims to make financial solutions more accessible to both urban and rural consumers, simplifying the management of products like loans, insurance, and investment solutions.
Driving growth for diverse lending business
Raul Rebello, MD & CEO-Designate of Mahindra Finance, highlighted the app's role as a strategic tool to accelerate the delivery of digital financial solutions.
He said the super app is expected to drive growth for Mahindra Finance's diverse lending businesses by offering hyper-personalized solutions tailored for India's emerging markets.
Elevating Mahindra Finance offerings
Rishi Aurora, Managing Partner at IBM Consulting India & South Asia, emphasized the transformative potential of super apps in the financial sector.
Rishi said the super app will enable superior customer engagement and to elevate Mahindra Finance's offerings.
IBM's involvement will leverage its expertise in hybrid cloud capabilities and human-centered design to ensure a seamless and valuable customer experience, he said
Creating resilient architecture
The collaboration will utilize IBM Consulting's knowledge in cloud transformation and management to create a secure, scalable, and resilient digital architecture, as per the company's statement.
The foundation will support the integration of future technologies, including generative AI, enhancing the app's capability to deliver unique customer experiences.
The focus on human-centered design aims to deeply understand customer needs and craft an interface that is both intuitive and engaging, it said
What does Mahindra Finance do?
Mahindra Finance, a part of the Mahindra Group, is a non-banking finance company that focuses on rural and semi-urban sectors.
The company offers a range of financial products With over 9.8 million customers and a presence across 380,000 villages and 7,000 towns, the company offers a range of financial products from vehicle financing to fixed deposits and insurance.