Mumbai-based fintech company Decimal Technologies on Monday announced its partnership with Ujjivan Small Finance Bank (USFB) to digitize its loan sourcing.
“As a part of the partnership, Ujjivan SFB and its channel partners will use Decimal’s digital lending platform – Saarathi to digitize loan sourcing through its sales force as well as Direct Selling Agents (DSAs),” the company said.
This is part of the Bank’s strategy to strengthen its digital infrastructure which has been one of its key focus areas.
Launched in 2020, Saarathi is an AI-based, ready-to-use digital lending platform specializing in the digitization of loan origination journeys. Saarathi can be used by bank’s sales channels to source loan files digitally. Unlike any digitization project, Saarathi requires no upfront capital investment and significantly reduces the time-to-market by 95% (i.e. from 6-9 months to one week).
Through this partnership, Decimals’ Saarathi will further enable 100% digitization of Ujjivan SFB loan offers through a simple user interface and helping the bank to carry out business operations during lockdowns.
Speaking on the partnership, Lalit Mehta, Co-founder, and CEO, Decimal Technologies, said, “We are extremely delighted to be the technology partner for Ujjivan SFB. This is our first-ever banking tie-up in this model and 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.”
“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,” Dheemant Thacker, Head- Digital Banking, Ujjivan Small Finance Bank, further added.
