Indian information technology company Infosys and PROG have joined forces to bring artificial intelligence (AI)-driven experiences to customers and intelligent automation to operations.
Through the agreement with the Indian company, PROG aims to transform evolve and scale its technology operations as a significant part of the company’s ongoing cloud- and AI-focused technology modernisation and innovation efforts.
Based in the US, PROG is the fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build.
Progressive Leasing provides e-commerce, app-based, and in-store point-of-sale lease-to-own solutions while Vive Financial is an omnichannel provider of second-look revolving credit products.
Four Technologies offers buy now, pay later (BNPL) payment options through its platform Four and Build is a personal credit building products company.
PROG president and CEO Steve Michaels said: “We look forward to working with Infosys to develop and enhance key systems that positively impact the speed to market, agility, and scalability of key PROG Holdings technologies and platforms.
“We expect our collaboration with Infosys will reduce friction for both our customers and retail partners, further solidifying PROG Holdings’ position atop the virtual lease-to-own industry we helped create twenty-five years ago.”
Leveraging Infosys’ digital services, including advanced technologies, PROG intends to realise operational efficiencies, expedite technology improvements, and enhance speed to market.
Besides, the partnership is expected to bolster and innovate key PROG’s customer-and partner-facing technologies and systems.
It will facilitate the fintech holding company to extend its leadership gap within the virtual lease-to-own market.
Infosys banking and financial services executive vice president and global head Dennis Gada said: “We are excited to bring robust domain knowledge along with transformative AI capabilities using Infosys AI solutions like Infosys Topaz and a cloud-first digital foundation to help PROG Holdings increase market share of the virtual lease-to-own market.
“Our collaboration will focus on accelerating the development and deployment of technologies that offer operational excellence, agile innovation, and improved services for new and existing retail partners and customers.”