Mahindra Finance & IBM collaborate to drive financial inclusion with Super App

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Mumbai, 12 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.

This app will enable consumers from both metros and non-metros to have 24×7 digital access to avail and manage products & solutions in a secure, streamlined, and simple manner. This would be by housing Mahindra Finance’s various vehicle and non-vehicle lending businesses, including personal loans, enterprise loans, mortgage loans, leasing solutions, payments, fixed deposits, insurance solutions, and other investment & wealth management solutions under one roof. The app will further provide superior and immersive experiences to the customers of Mahindra Finance and strengthen the company’s position as the financial solutions partner of choice for emerging India.

Speaking on the development, Raul Rebello, MD & CEO-Designate, Mahindra Finance said, “We at Mahindra Finance are keen to accelerate delivery of our digital financial solutions to better serve our customers. The super app is a strategic lever that will expedite growth of key businesses in an operationally efficient manner that combines omnichannel capabilities. It will also empower us to create hyper-personalised solutions for emerging India”.

· Super app to be built as a 24×7 single digital gateway for consumers from across India to all Mahindra Finance businesses
· By leveraging IBM’s consulting, industry & technology expertise, app to be a strategic growth lever for both vehicle and non-vehicle financial businesses of Mahindra Finance

“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. “Having worked with multiple financial organizations that are in different 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. Leveraging future-ready hybrid cloud capabilities, the super app will help Mahindra Finance move up the value chain through unique differentiated customer experiences.”

IBM Consulting will leverage human-centred design methodology to enhance the super app experience, covering every stage of the customer journey. This approach will involve integrating deep understanding of Mahindra Finance’s customer needs with superior application UI design to offer an experience that creates customer value as well as 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 to be deployed on a hybrid multi-cloud environment that will enable easy integration of new technologies in future, including generative AI.