City Union Bank (CUB) is digitally transforming retail and SME lending by partnering with Namaste Credit. Adopting AI-driven tech that automate customer onboarding, underwriting and risk monitoring via API suite.
City Union Bank, an old generation private bank with 100+ years of existence, has a pan India presence with 700+ branch network with total business of INR 81,000 CR+ ($10.9 Billion), announces technology partnership with Namaste Credit (Opendoors Fintech Pvt. Ltd.), a leading fintech that offers full API stack Banking-as-a-Service solutions to 70+ banks and other financial institutions.
The tech partnership will enable CUB to leapfrog it’s digital presence pan India by leveraging Namaste Credit’s industry-leading AI and automation platform, resulting in:
- Fully digitized onboarding of retail and SME customers with limited to zero branch footfall
- Paperless credit decisioning for both NTB & NTC customers covering risk and fraud controls
- Reducing loan application review & underwriting times by over 90%
- Significantly better user experience for customers in Metros & lower Tier cities
”By partnering with Namaste Credit, CUB is bringing its customers best-in-class digital experience of onboarding & loan approval with limited need to physically visit our 700+ branches. Namaste Credit’s fully digital solution around on-boarding, underwriting & risk monitoring, gives us the flexibility to onboard new customers swiftly & efficiently, service existing customers better.”, said Sankaran G, CIO, City Union Bank. Namaste Credit has been recognized as one of the top 100 Fintechs by KPMG and has filed for 3 technology patents since inception.
“Namaste Credit is partnering with City Union Bank, a leading private sector bank, to offer cutting edge technology in the post-pandemic digital world & better service their retail and MSME customers pan India locations. We are excited to match the Bank’s vision with our innovative full-stack API products to build new generation banking experience,” said Gaurav Anand, CEO & Co-Founder, Namaste Credit.
Namaste Credit’s Intelligent Credit Assessment Model (iCAM) platform works seamlessly with lender systems via standardized APIs. Its multi-module features allow lenders to enhance the scope, speed, and quality of customer on-boarding on assets and liability side. Complete API suite bridges the need for data gathering, validation and credit decisioning. Being a unified platform that offers digital loan experience throughout the loan lifecycle, obviates the need for lenders to work with multiple point solutions.
