Cholamandalam Investment and Finance, commonly referred to as ‘Chola’ and incorporated in 1978 is the financial services arm of Murugappa Group, a business conglomerate founded in 1900. Chola is now partnering with 4 year old Mavin to drive app adoption and engagement of the Chola app. The agreement marks the launch of Mavin’s SDK level integration with the Chola app to widen its reach using the reward program powered by Mavin’s 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, referring Chola services to friends and family, and using new app features such as UPI based transfers.
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 ewallet cash and more. Unlike traditional reward programs, Mavin allows its partners to gratify users in real time; as soon as the activity is completed 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’s solution will enable Chola to segment app users based on demographics, geographic location and app usage behaviour, to create targeted offers to engage different segments of users.
Shailesh Nalawadi, CEO of Mavin, said, “It’s never easy to create an enduring customer relationship and brand loyalty in a world where choices are endless and competition is tough. 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. We are proud to contribute to the app usage solution, and with this partnership, we believe we can make the app ecosystem stronger, and developers more successful.”
Vellayan Subbiah, managing director of Chola said, “We believe this app will resonate with the needs of the rural and semi urban customers and enable our customers enter a better life.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 1-4 towns to move to digital and be rewarded.”
Chola aims to create digital inclusion of Tier 3, 4, and 5 towns through various digital initiatives, given that 86 percent 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. These reward points can be redeemed against Amazon or Flipkart or other vouchers.