Advertisement

Business

Updated on: Monday, August 23, 2021, 07:18 PM IST

Decimal Technologies partners with Ujjivan Small Finance Bank; to digitise loan origination with Saarathi

As part of the partnership, Decimal’s ‘Saarathi’ is enabling 100 percent digitisation of Ujjivan SFB’s loan offerings/ Representational image |

As part of the partnership, Decimal’s ‘Saarathi’ is enabling 100 percent digitisation of Ujjivan SFB’s loan offerings/ Representational image |

Advertisement

Fintech firm Decimal Technologies, and Ujjivan Small Finance Bank (USFB) Limited, a mass market bank, has entered into a partnership through which Ujjivan SFB and its channel partners will use Decimal’s digital lending platform – Saarathi. This collaboration will enable the Bank to digitize loan sourcing through its sales force as well as Direct Selling Agents (DSAs). This is part of the Bank’s strategy to strengthen its digital infrastructure which has been on one of it’ s key focus areas.

Launched in 2020, Saarathi is an AI-based, ready-to-use digital lending platform specialising in digitisation of loan origination journeys. Saarathi can be used by bank’s sales channels to source loan files digitally. Unlike any digitisation project, Saarathi requires no upfront capital investment and significantly reduces the time-to-market by 95 percent (i.e. from 6-9 months to one week).

As part of the partnership, Decimal’s ‘Saarathi’ is enabling 100 percent digitisation of Ujjivan SFB’s loan offerings, providing a simple user interface and helping to carry out business operations during lockdowns. Saarathi is dispensing verified and trusted channel partners to send digitized loan applications with a detailed risk assessment to Ujjivan SFB. Saarathi is also integrated with Credit Bureau, NSDL, document verifications systems, Google Maps for geo-tagging, bank statement analyser and more, resulting in improved efficiency of credit underwriting for Ujjivan SFB, it said in a press release.

Lalit Mehta, Co-founder and CEO, Decimal Technologies, said, “This is our first ever banking tie-up in this model. Through this partnership we will deploy a robust digital infrastructure to transition loan processes from manual to digital and help the Bank create digital financial solutions through our financial services distribution platform, Saarathi, and elevate the loan delivery process. With this partnership, we want to strengthen Ujjivan’s loan disbursal process with technology integration.”

Dheemant Thacker, Head- Digital Banking, Ujjivan Small Finance Bank, said, “This partnership with Decimal Technologies digitizes our loan origination journey through assisted mode and significantly improves TATs without incurring huge capital expenditure, thereby strengthening our overall business operations. We continue to build a robust digital infrastructure to offer greater customer convenience and a superior customer experience through such fin-tech engagements."

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Monday, August 23, 2021, 07:18 PM IST
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement