PROG Holdings and Infosys Forge Strategic Collaboration to Bring AI-Powered Experiences to Customers and Intelligent Automation to Operations
Infosys has collaborated with PROG Holdings, Inc., an Utah, U.S. -based fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build. The two companies announced an agreement, on Friday, that is expected to evolve and scale PROG Holdings’ technology operations as an integral part of the Company’s ongoing cloud- and AI-focused technology modernization and innovation efforts.
PROG Holdings is engaged in providing payment options and inclusive consumer financial products. It operates through two segments: Progressive Leasing and Vive Financial. Progressive Leasing segment is an in-store, app-based, and e-commerce point-of-sale lease-to-own solutions provider. Progressive Leasing segment provides consumers with lease-purchase solutions through its point-of-sale partner locations and e-commerce Website Partners.
The collaboration with Infosys will enable PROG Holdings to take advantage of the former's digital services, including cutting-edge technologies, which PROG Holdings believes will help it realize operational efficiencies, accelerate technology enhancements, and improve speed to market. The collaboration is also expected to enhance and innovate key PROG Holdings’ customer-and partner-facing technologies and systems, helping to widen its leadership gap within the virtual lease-to-own market.
PROG Holdings selected Infosys to assist on its technology evolution and efficiency efforts, including AI initiatives, due to Infosys’ ability to provide global access to top talent and technology infrastructure that supports and augments the innovation and efforts of PROG Holding’s internal technology teams.
Last year, in March, PROG Holdings announced appointment of Sridhar Nallani as the company's CTO w.e.f from February' 2023. Nallani is a computer science graduate from Osmania University, Telangana, India.
Steve Michaels, President and CEO of PROG Holdings, 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."
Dennis Gada, Executive Vice President and Global Head of Banking & Financial Services at Infosys, 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.
About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in Salt Lake City, UT, that provides transparent and competitive payment options to consumers. The Company owns Progressive Leasing, a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions, Vive Financial, an omnichannel provider of second-look revolving credit products, Four Technologies, a provider of Buy Now, Pay Later payment options through its platform, Four, and Build, provider of personal credit building products. More information on PROG Holdings and its companies can be found at www.sec.gov.
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