PROG Holdings and Infosys Forge Strategic Collaboration to Bring AI-Powered Experiences to Customers and Intelligent Automation to Operations
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Insights
The announcement of the strategic partnership between PROG Holdings and Infosys signifies a notable shift towards enhancing PROG Holdings' tech infrastructure, particularly in the domains of cloud computing and artificial intelligence. This move is poised to streamline operations and potentially reduce costs over time, leading to improved margins. From a market research perspective, the partnership is likely to fortify PROG Holdings' competitive position in the virtual lease-to-own market by leveraging Infosys' global talent pool and technological prowess.
Moreover, the focus on operational efficiencies and speed to market is crucial in the fintech space, where customer expectations and technological advancements are rapidly evolving. By collaborating with Infosys, PROG Holdings could accelerate its product development cycle and enhance customer experience, which may translate into higher customer retention rates and increased market share. This could have a positive ripple effect on investor sentiment and the company's stock valuation in the long term.
From a financial standpoint, the collaboration between PROG Holdings and Infosys is an investment into PROG's technological capabilities, which is expected to yield cost savings and revenue growth in the future. The partnership's focus on AI and cloud services aligns with current industry trends, where these technologies are becoming pivotal in gaining a competitive edge. Investors should monitor the subsequent financial statements of PROG Holdings for indications of increased efficiency and reduced operational costs as a result of this agreement.
It is also important to consider the capital expenditure associated with this technology upgrade and how it will be financed. The impact on cash flow and debt levels will be key factors in assessing the financial health of PROG Holdings post-implementation. If managed effectively, the partnership could lead to a stronger balance sheet and improved investor confidence.
From a technology perspective, the partnership with Infosys could provide PROG Holdings with access to cutting-edge innovations such as Infosys Topaz and other AI solutions. The integration of these technologies is expected to enhance PROG's customer-and partner-facing systems, which is paramount in an industry that relies heavily on user experience and seamless transactions.
The cloud-first approach mentioned is indicative of a strategic shift towards scalable and flexible IT infrastructure, which is essential for supporting growth and adapting to market changes. The ability to rapidly deploy new features and services is a competitive advantage, especially in the fintech sector where the pace of innovation is relentless. If executed well, this technology overhaul could result in a more robust and agile platform, positioning PROG Holdings as a leader in the virtual lease-to-own space.
The collaboration will enable PROG Holdings to take advantage of Infosys' 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 relationship 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.
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 https://investor.progholdings.com/.
Forward Looking Statements
Statements in this news release that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "expected", "believes", "will" and similar forward-looking terminology. These statements include, but are not limited to, statements regarding the expected benefits to PROG Holdings of its strategic collaboration with Infosys, such as its realization of operating efficiencies, accelerated technology modernization and improved speed to market. The Company has based these forward-looking statements on current expectations and assumptions regarding the strategic collaboration, which are subject to risks and uncertainties, including, but not limited to, the risks that the strategic collaboration may not achieve its expected benefits or may otherwise negatively impact, disrupt or have a material adverse impact on PROG Holdings' business operations, and other risks and uncertainties outside of our control. Additional risks and uncertainties that may cause actual results to differ materially include those listed in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 21, 2024. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law.
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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SOURCE Infosys
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