Digital Transformation to the Rescue of Co-operative Banks

Digital Transformation to the Rescue of Co-operative Banks
Photo by Firmbee.com / Unsplash

Co-operative Banks have always been at the heart of the economy but often face significant challenges. Stringent government regulations, the constant pressure to scale up business and reduce NPAs, a change and risk-averse mindset, as well as the legacy systems and processes hold back the speed of operations and the bank’s potential efficiency.

Also, with limited financial resources, localized operations, few products and small client bases, Co-operative banks haven’t explored the benefits of embracing future-ready technologies that can help address all the pain-points such as manual and fragmented work flows, slow on-boarding and credit decisioning etc. to start outperforming the competition and increasing their profitability.

Private sector banks are already riding the digital transformation wave and reaping its benefits. Co-operative banks can play a significant role in rural financial inclusion if they take advantage of the disruptive technologies.

Besides enabling faster services, the decision to bring technology into play will open up possibilities of providing new, cost-effective banking products and services with an expanded portfolio.

Digital and Automation are the new buzz words

Digital data sources are increasingly being used to augment applicant data for better and quicker decisions. Operational automation has proved to greatly enhance the application processing throughput. With the use of eligibility grids, deviation matrices, evaluation rules, scorecards and data integrations extensively, co-operative banks can aim to reach faster and better credit-offtake decisioning on loans seamlessly.

Lentra helps banks reap the benefits of digital transformation with its best-in-class suite of solutions for a full lending stack. Get future-ready with instant lending solutions that can spike access to new customer base, reduce NPAs, and improve operational efficiencies.

Zero-risk instant digital lending solutions powered by Lentra

With a SaaS model that simplifies digital inclusion and makes loan approvals more faster and seamless than ever before, Lentra is already driving the Indian lending ecosystem into the future.

Powered by AI-ML technologies, Lentra's API-driven modular architecture helps banks create tailored lending products and customer experiences. With its revolutionary, flexible, and scalable technology platform Lentra helps accelerate embedded banking at scale.

Lentra’s solutions cover the Indian lending stack effectively for digital origination by providing capabilities like eKYC, vKYC, eSign, eNACH, etc., besides MultiBureau(R), a comprehensive BRE and configurable onboarding workflows. The visible outcome of Lentra’s offering is an all digital straight-through process.

6 key benefits on partnering with Lentra

1. Fully digitalised end-to-end lending ecosystem, from origination to collection

2. eSign, eNACH capabilities for seamless digital origination

3. Presenceless, paper-less video KYC and ID verification

4. RCU/FCU modules access to Legal/FI/Property Valuation agencies for seamless communication

5. Business Rule Engine for fully automated credit underwriting and faster decisioning

6. Instant loan disbursement solution, leading  to ~400% reduction in TAT

As digitization continues to transform the face of modern banking, it is time for the decision makers in co-operative banks to realize the need for having a digital strategy in place, execute and ensure the same to stay relevant, competitive and remain profitable.

Get started on the digital transformation journey as soon as possible to ensure an accelerated, safe and secure lending powered by Lentra’s technologies.

Take advantage of Lentra’s GoNoGo - advanced customer acquisition system, BREx - a highly configurable automated decision-making tool for credit and risk policies, GoGetr – for automated verifications and better decisioning with powerful APIs and third party integration, MultiBureau – a credit enquiry tool that draws-in applicants credit information and provides accurate credit scores from all bureaus in a matter of seconds, and many more.

Empowering banks to leapfrog into the future is our motto.

Get future-ready with Lentra. Click here to know how