CHENNAI: Tamilnad Mercantile Bank (TMB) has collaborated with Jocata, a fintech platform provider, to offer digital-first lending products.
The private sector bank would leverage Jocata’s low-code Digital Lending Platform (DLP) to drive its digital transformation strategy, providing MSMEs with an end-to-end digital, personalised and experience-led value proposition, a statement from TMB said.
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, it added.
S Krishnan, MD & CEO of TMB, said, “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.”
