Magma Fincorp Taps Qlik For Customer Behavior Analysis

India’s largest non-banking finance company using Qlik to gain insights into customer behavior to accelerate its business

Qlik®, a leader in visual analytics, today announced that Magma Fincorp Limited (Magma), one of India’s largest non-banking finance companies (NBFC), is using QlikView® to analyze its operational and financial data to drive agile decision-making, fundamentally transforming the organization into a data-driven enterprise.

Magma, registered with the Reserve Bank of India (RBI) as an Asset Finance Company, has been operating successfully in India for over two decades, and is listed on the Bombay Stock Exchange and the National Stock Exchange. Magma provides a range of financial products including financing of utility vehicles and cars, commercial vehicles, construction equipment, and many others. It also serves customers in the Affordable Housing Finance, General Insurance and Gold Loans segments. The company has around 450,000 customers with 274 branches across 21 states and one union territory, supported by close to 10,000 employees.

With massive amounts of data generated every day from many different sources, Magma was struggling to use Oracle and Microsoft Excel to manage and analyze data across its business. The company was spending an enormous amount of time and resources preparing static reports via Microsoft Excel, which did not provide rich insights for effective decision making. Magma realized it needed an alternative solution that empowers users to consume and analyze data in a faster, simpler, and more intuitive manner. Qlik is the only company that met its requirements, as it delivers a visual analytics platform that lets users see the whole story in their data through its unique associative model.

“We wanted to implement a Business Intelligence solution at the enterprise level in a fast manner and without waiting to have a traditional data warehouse in place. This posed the challenge of preparing data from disparate sources. Qlik provides our business users with an easy to use, searchable and quick to deploy platform to quickly and easily analyze and explore data. It also helps us spot trends, insights in seconds thus helping us to become more agile decision making. We are upbeat about Qlik’s latest innovations like the Qlik Analytics Platform, which will allow us to cater to the data analysis needs of thousands of Magma’s external agents on their mobile,” Manoj K Mishra, Vice President of Technology, Magma.

“We are very pleased with the strategic choice Magma has made in Qlik. We continue to see rising demand from companies that want to transform their business and increase their competitive edge with a powerful and flexible visual analytics platform. With Qlik’s powerful enterprise-class capabilities, organizations can successfully drive data-driven strategies and accelerate their businesses,” said Souma Das, Managing Director, Qlik India.