Time Series Analysis of CIFCL’s Technology Spending Growth (FY21–23 vs FY24) and Corresponding Customer Outcomes

In recent years, Cholamandalam Investment and Finance Company Limited (CIFCL), a major non-banking financial company (NBFC) in India, has taken significant strides in digitization and technology-led transformation. This research examines the time series growth of CIFCL’s technology expenditure over financial years FY 2021 to FY 2024, with a particular focus on the sharp increase observed in FY 2023 and its continuation into FY 2024. The analysis investigates the correlation between rising technology investments and tangible customer outcomes, such as improved digital transaction rates, reduced loan processing times, disbursement volumes, customer satisfaction levels, and overall business efficiency. Using publicly available financial disclosures, media reports, and company communications, we construct a time series of technology spending and assess how this correlates with key performance indicators in customer service and operational performance. The data reveals that CIFCL increased its technology budget by approximately 43% in FY 2022–23, deploying funds into automation, artificial intelligence, big-data analytics, cloud optimization, cybersecurity, and paperless workflows. These initiatives directly contributed to measurable improvements in customer experience, product turnaround time, and financial performance in FY 2024, including a 33% growth in disbursements and 35% increase in Assets Under Management (AUM). This study highlights the strategic value of tech investments for NBFCs in India and emphasizes the importance of aligning digital transformation initiatives with customer-centric outcomes. It concludes by recommending a structured ROI- based framework for evaluating future technology investments, especially in the rapidly evolving financial services landscape.