- About Us
- Product & Services
- Gold Loan
- Small Business Loan
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.
PUNE: The Muthoot Pappachan Group has tied up with UST Global to modernize its IT infrastructure.
The terms of the deal were not disclosed, but the non-banking finance company said it was a ‘multi-hundred crore’ project which will be rolled out over its 4,200 branches across the country.
“This was a key action point on our agenda – to get the IT infrastructure to be run by a partner across all our branches. We will continue to do the software development ourselves, while the IT infrastructure would be managed by UST Global,” said Thomas John Muthoot, CMD, Muthoot Pappachan Group.
The Thiruvananthapuram-headquartered NBFC said it was among the largest such digitization initiatives within this space.
“As bankers to the unbanked, we are very clear that unless you use technology, you cannot bring about financial inclusion. We are looking at a complete transformation of how the common man will experience financial products going forward,” said Eugene Koshy, Chief Purpose Officer, Muthoot Pappachan Group.
The digitization process will meet RBI guidelines for NBFCs. “This is designed to future-proof growth plans over the next decade,” Koshy said.
“Digitalisation, which helps in detailed, sharp and intimate customer data, in agility, in efficiency, in flexibility and in customer service and experience, therefore, is a key strategic pillar for us,” said John Muthoot.
Muthoot Fincorp is the flagship firm of the group, but the digitization would cover other group companies like as well. The group services over 1,00,000 customers daily and has over 26,000 employees.
The six-year project is currently in transformation phase and the rollout across all branches would be completed by September 2020. This would cover areas like IT infrastructure, a new gold loan platform, new loan management system, CRM, and data warehouse and analytics.
“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,” Gilroy Mathew, Vice President, UST Global, said.
It has been brought to our notice that certain individuals are receiving fraudulent emails, phone calls, and messages, etc, about job vacancies with Muthoot FinCorp and they are also being asked to deposit money in certain bank accounts.
Please be informed that such communications and practices are completely mala fide and sent with an intent to defraud the public and bring disrepute to the goodwill of our Company. Our Company does not ever demand any fee/money against recruitment nor for the application/interview process.
The public at large is hereby cautioned not to be misled by any such communications received through emails, message or any other communication mode.
Please contact us for further information about the genuineness or otherwise of such communications at: