Money & Banking

Cholamandalam Finance in pact with Mavin for digital push

G BALACHANDAR Chennai | Updated on January 11, 2018

Murugappa Group’s financial services company Cholamandalam Investment and Finance Company Ltd (Chola) has partnered with Mavin, which is into rewards and redemption programmes, for its Chola app.

Chola would offer reward points to its registered customers upon any services they use in the app. Customers would be eligible to redeem the points against vouchers for Amazon, Flipkart and many more.

“Partnering with Mavin is one such initiative to help our customers in tier I-VI towns to move to digital and be rewarded. Transactions for existing and new customers will become seamless and they will receive reward points for every action on the app.

“These reward points can be redeemed for branded digital vouchers and popular coupons, driving our customers towards an enhanced two-way digital user-experience,” said Vellayan Subbiah, Managing Director, Chola.

Chola would reward users for engaging with the app and performing high value actions like regular EMI payment, checking account statement, updating KYC documents, applying for Chola's products and services through the app, for referring Chola services to friends and family and using new app features such as UPI based transfer, according to a statement.

“Activity-based app rewards not only delight first time users and increase download, but also boost brand loyalty, increase user retention, and solve app usage issues tremendously,” Shailesh Nalawadi, Co-Founder & CEO of Mavin, a Silicon Valley-based startup.

Chola aims to create digital inclusion of tier III, IV, V & VI towns through various digital initiatives, given that 86 per cent of Chola’s branches are in these locations.

“We believe this app will resonate with the needs of the rural & semi urban customers and enable our customers enter a better life,” said Vellayan.

Published on May 23, 2017

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