Indian companies Persistent Systems Ltd. and UK-based Gojoko Marketing Ltd. have created a digital lending platform to help community banks and credit unions rapidly deploy a suite of customer services that enables them to compete more effectively with large financial institutions by square.
The Community Lenders Go Digital platform, which runs on top of the Persistent Digital Credit Union solution and is backed by Amazon Web Services, enables credit unions and community banks to scale a wide range of services, ranging from digital onboarding to opening online deposits and Know Your Customer (KYC) services that use machine learning and artificial intelligence.
“Credit unions and challenger banks are not in business to be technology experts, they are in business to deliver value to their members and customers,” said Jaideep Dhok, Managing Director, Banking, Financial Services and insurance at Persistent Systems, at Mobile Payments. Today by e-mail via a spokesperson. “Software is so interchangeable and seamlessly integrated that this new era is about the composable enterprise and most companies have no way of capturing all the changes.”
In the UK, companies have been able to accelerate the growth of banking partners like My Community Bank, which uses the platform with the help of technology partners like Salesforce and Mambu.
The platform isn’t limited to credit unions and community banks, but after launching in the UK in the fall, companies signed one of their biggest deals with a UK challenger bank, and this agreement is currently being implemented.