India’s Persistent Systems Ltd. and U.K.-based Gojoko Marketing Ltd. have created a digital lending platform to help community banks and credit unions rapidly deploy a range of services to customers that allows them to more effectively compete against large incumbent financial institutions.
The Community Lenders Go Digital Platform, which runs on top of the Persistent Digital Credit Union Solution and is backed by Amazon Web Services, allows credit unions and community banks to scale a wide array of services, ranging from digital onboarding to online deposit opening and Know Your Customer (KYC) services that use machine learning and artificial intelligence.
“Credit unions and challenger banks aren’t in business to be technology experts, they’re in business to provide value to their members and customers,” Jaideep Dhok, general manager, banking, financial services and insurance at Persistent Systems, told Mobile Payments Today via email through a spokesperson. “Software is so interchangeable and seamlessly integrated that this new era is all about the composable enterprise and there’s no way for most businesses to grasp all the changes.”
In the U.K., the 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 is not just limited to credit unions and community banks, but after the U.K. launch in the fall., the firms signed one of their largest deals with a U.K. challenger bank, and that agreement is currently being implemented.