Northern Arc, one of India’s diversified financial services platforms, announced that it has entered a strategic partnership with Indian Bank.
The partnership will help both institutions leverage synergies and offer customer-centric financial solutions to retail borrowers. The customers will be served through a completely online and seamless journey, helping them experience high-quality service.
The partnership will enable Indian Bank to access Northern Arc’s n-POS platform, which helps NBFCs, fintech, digital lenders, and investors co-lend to retail borrowers. The platform provides fully integrated systems for partners and investors with real-time KYC validation and instant disbursement features.
It also provides investors access to the NAC score - an assessment of a borrower’s financial strength and propensity to repay, that has been developed by Northern Arc. The scoring uses AI and ML algorithms and delves into over 25 million data points accumulated by Northern Arc over its past decade of working with more than 250 partner institutions across the country.
The n-POS platform also helps investors with periodic reporting and portfolio reconciliations. It has so far enabled over 7.5 million loans and has witnessed significant traction in the recent past - Over 5 million loans have been disbursed in the last year alone.
Announcing this landmark partnership in the financial services space, Imran Amin Siddiqui, Executive Director, Indian Bank said, "Indian Bank has tied up with several Fintech companies. We are happy to join hands with Northern Arc also for end-to-end digital products like personal loans. We expect that with this joint venture, we can increase the digital-based portfolio to a new level."
Commenting on the partnership, Ashish Mehrotra, MD & CEO, Northern Arc Capital said, “We are delighted to partner with Indian Bank and offer new-age digital solutions for our customers. Both institutions have complementary strengths and capabilities, which can be leveraged to expand our market, diversify the product suite and ensure a high-quality customer experience. The n-POS platform is a critical infrastructure for the industry and will solve key integration issues that were hampering co-lending partnerships.”