Mumbai, 12th February 2024: IBM (NYSE: IBM) & Mahindra & Mahindra Financial Services Limited (Mahindra Finance) today announced a strategic collaboration to build a super app that would serve as a single digital interface for consumers to access multiple businesses within Mahindra Finance.
The Mahindra IBM Super App is set to revolutionize financial inclusion in India by providing a comprehensive digital platform for financial services. This groundbreaking initiative combines Mahindra Finance‘s deep understanding of the Indian financial market with IBM’s technological prowess, aiming to offer a seamless, secure, and user-friendly experience to users nationwide.
The Mahindra IBM Super App: A Gateway to Financial Empowerment
Targeted at consumers from both urban and rural India, the super app is designed to serve as a one-stop digital gateway to Mahindra Finance’s extensive array of financial products and services. This includes everything from personal and enterprise loans to mortgage solutions, leasing options, and even insurance and investment products. The app’s development underscores a commitment to leveraging digital technology to make financial services more accessible, streamlined, and secure for millions of Indians.
Enhancing Customer Experience with the Mahindra IBM Super App
The collaboration with IBM is not just about creating another digital application; it’s about reimagining how financial services are delivered in India. IBM’s consulting, industry, and technology expertise will be instrumental in building a platform that offers superior customer experiences, integrating human-centered design and advanced cloud technology. The super app aims to personalize financial solutions, making them more relevant to the diverse needs of India’s emerging market.
Raul Rebello, MD & CEO-Designate of Mahindra Finance, highlighted the strategic importance of the super app, stating it as a key growth lever for the company’s vehicle and non-vehicle financial businesses. He emphasized the app’s role in accelerating the delivery of digital financial solutions, enhancing operational efficiency, and creating value for customers across India.
IBM’s Vision for the Super App
“Super apps have the potential to bring a paradigm shift in the financial services industry, enabling significantly superior customer engagement and unleashing new business models,” said Rishi Aurora, Managing Partner, IBM Consulting India & South Asia. He further elaborated on the collaboration, “Having worked with multiple financial organizations in various stages of their growth journeys in India and across the world, we are happy to collaborate with Mahindra Finance in their endeavor to build a seamless digital journey.”
IBM Consulting plans to leverage human-centered design methodology to enhance the super app experience, addressing every stage of the customer journey. This approach involves integrating a deep understanding of Mahindra Finance’s customer needs with superior application UI design to offer an experience that creates customer value and unlocks business value for the company. At the foundation level, IBM Consulting will bring cloud transformation and cloud management expertise to help design a secure, scalable, and resilient digital platform architecture on a hybrid multi-cloud environment, enabling easy integration of future technologies, including generative AI.
Leveraging Cloud for Innovation
A significant aspect of this partnership is the emphasis on future-ready technology. IBM Consulting is set to bring its hybrid cloud capabilities to the fore, ensuring the super app is built on a secure, scalable, and resilient digital platform. This foundation will allow for the seamless integration of emerging technologies, including generative AI, ensuring the app remains at the cutting edge of digital finance solutions.
A Step Towards Inclusive Digital Finance
With a strong presence in India’s rural and semi-urban sectors, Mahindra Finance has established itself as a leading non-banking finance company. The firm’s commitment to financial inclusion is evident in its vast customer base and diverse financial offerings, aiming to meet the unique needs of over 9.8 million customers across the country.
The initiative between Mahindra Finance and IBM represents a significant milestone in the quest for financial inclusion in India. By harnessing the power of digital technology, the super app is poised to offer unprecedented access to financial services for millions, driving positive change and empowering individuals and businesses alike.
As this partnership unfolds, the super app from Mahindra Finance and IBM is set to become a cornerstone of India’s digital finance ecosystem, demonstrating the transformative potential of collaboration between finance and technology sectors.