Cholamandalam Finance looks to supercharge mobile app engagement with Mavin

Cholamandalam Investment and Finance Company (Chola), the financial services arm of Murugappa Group, partners with Mavin to drive app adoption and engagement. The agreement marks the launch of Mavin’s SDK level integration with Chola app to widen its reach using the reward program powered by Mavin wallet solution. With this integration, Chola can strategically 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.

Mavin helps businesses create meaningful and long-term engagement with their mobile app and web customers. Mavin simplifies the process of creating a program that rewards loyal and active customers. Customer’s rewards include shopping vouchers, restaurant coupons, movie tickets, popular e-wallet cash and more.. Unlike traditional reward programs, Mavin allows its partners to gratify users in real-time, as soon as activity is completed, and users can redeem points on-the-go. Mavin’s integration with the Chola app will allow the latter to incentivise new users when they choose to use services offered by the app over branch banking. Moreover, Mavin solution will enable Chola to segment app users on the basis of various parameters such as demographics, geographic location and app usage behavior, to create targeted offers to engage different segments of users.

“The vision for Digital India has the potential to create a transformational change with rural India poised for being the biggest beneficiary of this change. 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 aims to create digital inclusion of tier III, IV, V & VI towns through various digital initiatives, given that 86% of Chola’s branches are in these locations. The Chola App allows customers across the country to access services on their mobile phone, helping them to save the time and cost of visiting a branch. It enables any user, even non Chola customer, to download the app and get access to host of services like­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ – apply for a loan, test drive of vehicles, access to wealth management & broking services. Existing Chola customers can make their EMI payment online, raise a service request, track payment status, buy insurance, etc. There are many more services, which shall be rolled out in the near future enabling customer’s digital experience more rewarding. These reward points can be redeemed against Amazon or Flipkart or other vouchers. We believe this app will resonate with the needs of the rural & semi urban customers and enable our customers enter a better life.

Mavin focuses on elevating the burgeoning app economy by building a platform where all types of apps, irrespective of size, market share and consumer traffic, can flourish and engage with consumers. Presently the platform has an interesting and diverse mix of customers ranging from e-commerce, dating, music streaming and job search engine. Since its official launch in India, the Silicon Valley-based startup has worked with ShareIt, RummyCircle, Piramal, Jabong, Dainik Jagran and several others.