Mumbai: Leading digital lending platform LoanTap’s technology division, LTFLoW, has announced the successful implementation of its digital journey for retail loans at The Cosmos Co-op Bank Ltd., helping in accelerating their digital transformation. Having previously helped the Bank of Maharashtra enhance the digital transformation of its loan products, LTFLoW’s digital solutions will cover Cosmos Co-op Bank’s five loan products, including Home Loans, Auto Loans, Personal Loans, Loan Against Property and Consumer Durable Loans.
LTFLoW has developed and deployed a web-based customer acquisition platform for these loans, in addition to a multi-level admin panel to view and track all applications branch-wise.
Cosmos Co-op Bank’s commitment to embrace digital advancements has allowed us to enrich their digital transformation. It will allow the customers to apply for loans online through the Bank’s website, eliminating the need to visit any branch, and the platform will provide digital lead generation for various retail loans. LTFLoW has developed an acquisition module for the Bank, enhancing the digitization of their lending process. This will also help Cosmos Co-op Bank to serve new customers in addition to those who already have an account with them. Additionally, BRE (Business Rule) in the backend will enhance the capability to In-principally approve or reject the application, and the multifunctional admin portal at all levels will improve application tracking.
This move will not only benefit Cosmos Co-op Bank but also allow LTFLoW to help other co-operative and small finance banks embrace digital transformation. This partnership will help LTFLoW generate revenue and onboard more co-operative and small finance banks. Currently, there are 1,853 urban cooperative banks in India plus many rural cooperative banks, and at least 30% of these would like to go digital.
“We are proud to be in this partnership with Cosmos Co-op Bank. We believe in its leadership and are confident that this partnership will help us grow as well. We aim to enable co-operative banks to lend digitally and generate revenue while also helping them onboard more customers.” said Gautam Sinha, CEO of LTFLoW.
“Cosmos Bank is positive about acquiring New customers and loan leads using this Web-based Acquisition Platform. It is a great partnership start with LTFLoW and we are looking forward to continuing this relationship in the future as well,” said Arti Dhole, CITO of the Cosmos Co-op Bank.
