In an exclusive interview, Neeloy Majumder, COO – Technology at Tata Motors Finance, delves into the transformative power of digital technology in reshaping the customer experience. Majumder highlights several pioneering digital initiatives, including round-the-clock credit solutions for fuel and operational expenses, AI-driven loan approvals, and advanced data analytics. These innovations not only streamline operations but also empower customers, particularly in rural markets, by providing swift, seamless, and accessible financial services. Through strategic investments in cloud technologies and a dedicated Centre of Excellence for IT Infrastructure, Tata Motors Finance is poised to continue its journey of tech-driven customer centricity and operational excellence.
What are some recent significant digital tech initiatives undertaken by Tata Motors Finance, and what impact have they had?
At Tata Motors Finance, we are embracing a digital future where purpose-driven technology is emerging as our greatest ally in holistically turning industry pain points into avenues for customer delight. Most importantly, our tech initiatives are strategically integrated into our operational infrastructure to positively impact both our end-users and our business efficiency. Among several tech-first initiatives undertaken by Tata Motors Finance, we are digitally offering working capital, fuel credit facility, and opex digital credit line solutions. We identified that fuel and operating expenses posed a substantial burden for commercial vehicle customers due to delays caused by extended repayment cycles. To address this, we built a digital credit platform, enabling CV operators to access round-the-clock loans, specifically for fuel purchases.
As a result, this not only helped relieve the financial strain on customers but also made them more confident and enterprising. With our always-on 24×7 credit facility, customers feel secure knowing they can request and access funds with just a few taps on their phone, keeping their fleet business on track. Moreover, our digital credit suite also includes servicing and maintenance solutions for fleet operators. This enables smooth operations within their business framework. Through our Customer One app, commercial vehicle operators can access instant credit lines even for vehicle repairs, spare parts, and AMC services at our partnership service centres.
In addition, we have deployed AI-driven recommendation engines and chatbots to enhance the customer’s vehicle acquisition experience. By leveraging open-source AI libraries, these tools provide instant loan approvals at auto dealerships for walk-in customers, significantly reducing turnaround times. In months ahead, our tech initiatives are also aligned towards digitally transforming and expanding our vehicle leasing business, with a sharp focus on improving process efficiency and delivering a user-friendly interface that enhances the customer experience. At large, these digital shifts have slashed paperwork, accelerated conventional processes, and precisely improved service accuracy. In terms of customer experience, these initiatives are proving to be game changers, making access to funds more efficient and seamless.
How is technology enabling Tata Motors Finance to elevate customer experience and meet the evolving market demands?
Particularly in the business that Tata Motors Finance operates, customers expect swift and accurate loan approvals, as well as ‘credit-on-tap’ services. Consequently, tech interventions have undeniably played a critical role in addressing the evolving customer demands. Most importantly, technology has opened up avenues for introducing new-age product offerings that address deeper layers of customer needs, unlike earlier. When it comes to accessing credit in rural markets, technology is bridging the gap between India and Bharat. Customer engagements at branch level remain a critical link and touchpoint for commercial vehicle segments.
With increasing digital penetration in rural India, tech deployment has emerged as a key enabler in deepening our in-branch offline and online footprint, making our product offerings more accessible than ever before. Moreover, we are harnessing advanced data analytics and machine learning algorithms, enabling us to better gauge customer behaviour and creditworthiness, leading to more accurate loan decisioning. This ensures that customers receive loans that are tailored to their needs and financial capabilities. In order to elevate customer experience, Tata Motors Finance is consistently making significant investments towards its tech transformation pursuits. In the fiscal year gone by, we launched our first dedicated Centre of Excellence for IT Infrastructure Development in Pune. The state-of-the-art tech centre focuses on simplifying complex operational processes through strategic tech interventions, both at the front-end and back-end, ultimately driving efficiency and innovation across Tata Motors Finance. At Tata Motors Finance, our larger objective is to leverage technology to create a more inclusive and accessible lending ecosystem for all our customers, surpassing geographical and linguistic barriers, thereby elevating customer experience.
With cloud adoption being a key element of modern IT infrastructure, how has Tata Motors Finance leveraged cloud technologies to enhance agility, scalability, and cost efficiency?
By transitioning to a leading cloud-based Customer Relationship Management (CRM) system and Microsoft cloud data warehouse, we have optimised our data management capabilities. This transition has empowered us to gain deeper insights into customer behaviours and spot market trends, enabling us to tailor our offerings to meet evolving customer needs more effectively. Additionally, the scalability of these cloud solutions ensures that we can seamlessly manage and analyse vast amounts of data as our customer base expands along the way, without compromising performance. By eliminating the need for extensive on-premises infrastructure and transitioning to a flexible, pay-as-you-go model, it enabled us to bring in prudent cost savings and superior service efficiency, allowing us to allocate resources more effectively. Overall, cloud adoption has played a pivotal role in driving innovation, streamlining operations, and positioning Tata Motors Finance for sustained success in the digital age.
In the near term, what are Tata Motors Finance’s plans for expanding its technological capabilities?
Recognising the pivotal role of digital innovation in shaping the future, we are committed to further enhance our customer centricity by strategically investing in digital platforms and automation. This will facilitate last-mile and seamless access to our digital lending products. In the near term, Tata Motors Finance is set to transform its Vehicle Leasing business by deploying an all-new tech interface, bringing in enhanced service efficiency, and enabling accelerated workflows. With this development, we aim to improve the customer journey, enhance business decision-making, and achieve swift turnarounds, thereby expanding our vehicle leasing portfolio even further. In addition, Tata Motors Finance is also aligned to roll out a single window insurance tech platform that will cater to the diverse insurance needs of its customers, facilitating rapid quote and policy generation, significantly enhancing the company’s service offerings. From driving digital transformations to building fintech collaborations, Tata Motors Finance is aggressively making strides in tech advancements to enhance operational efficiency, elevate customer experiences, and deploy solutions that seamlessly align with the needs of the entire automotive ecosystem.