Mumbai, ,22nd August 2023 Private sector lender Tamilnad Mercantile Bank (TMB) has collaborated with Jocata, India’s leading FinTech platform provider, to offer digital-first lending products to its growing customer base. TMB will leverage Jocata’s low-code Digital Lending Platform (DLP) to drive its digital transformation strategy, providing MSMEs with an end-to-end digital, personalized, and experience-led value proposition.
The Retail, Agri, and MSME (RAM) segment of TMB contributed around 90% of the overall advanced portfolio, of which MSMEs constituted around 36%, a significant contribution as reported in the Bank’s Q1 results. To cater to the growing MSME segment, the Bank is committed to digitizing its comprehensive MSME Financing Program offering both secured and unsecured products covering funded and non-funded facilities. Implementing Jocata’s DLP aims to improve the current process and reduce the total time-to-credit for MSMEs, addressing a key improvement area in servicing the customer while enabling operational ease for the Bank.
Mr. S. Krishnan, MD & CEO of Tamilnad Mercantile Bank Ltd, said, “We are happy to partner with Jocata, and this alliance is a step forward in our efforts to become a preferred digital bank for our customers. TMB has embarked on a large-scale digital transformation agenda along with business process re-engineering, and one of the key milestones for us will be to bring digital credit products to our MSME customers through technology. By harnessing the potential to scale digital lending with Jocata’s platform, we aim to grow our presence pan India by delivering a seamless and hassle-free borrowing experience for MSMEs.”
Mr. Shailesh Deshpande, Director of Growth at Jocata, said, “We are delighted to partner with the Tamilnad Mercantile Bank in their digital transformation journey. Their commitment to digitizing their operations, coupled with our state-of-the-art digital lending platform, will boost credit access for MSMEs while aiding in rapid loan book growth for the Bank. Jocata’s future-ready technology platform and credit expertise align seamlessly with TMB’s vision of driving digital inclusion and innovation.”