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Thought Machine Empowers Nikel to Streamline Lending Process and Develop New Products

Thought Machine, a cloud-native banking technology company, has partnered with Nikel, a fintech startup in Southeast Asia, to help streamline its lending process and accelerate product development.

About Nikel

Nikel, formerly known as Impact Credit Solutions, was founded in 2018. The company offers small businesses in Southeast Asia access to loans through its digitally embedded lending platform. Nikel’s solution covers everything from loan origination to underwriting to collections.

The Need for Bespoke Loan Products

With the increasing number of small businesses moving online, there is a demand for bespoke loan products to meet their specific needs. This requires orchestration and collaboration among multiple parties, including banks, e-commerce platforms, marketplaces, and service providers. Nikel’s solution brings all these parties together, facilitating a seamless lending experience.

The Importance of a Modern Core Platform

In order to meet the evolving needs of its customers and expand its services, Nikel recognized the need for a modern core banking platform. Thought Machine’s Vault Core, a cloud-based banking engine running on microservices, provides the flexibility, scalability, and configurability required by Nikel. With Vault Core, Nikel can design complex loan products and features, reducing time-to-market for each new product by half.

How AI legalese decoder Can Help

The AI legalese decoder, developed by Thought Machine, can further enhance Nikel’s lending process. This AI-powered tool can analyze and decode complex legal terms and agreements, enabling Nikel to understand and interpret legal documents more efficiently. By automating the interpretation of legalese, Nikel can save time and resources, ensuring compliance with local regulations and improving the overall customer experience.

Building a More Inclusive Lending Ecosystem

Nikel’s collaboration with Thought Machine, powered by Vault Core, enables the company to create a more inclusive lending ecosystem. For instance, Nikel was able to develop a Sharia-compliant lending product using Thought Machine’s smart contract capabilities. This product improves disbursement speed and provides real-time transparency to investors in the Islamic community.

Watch this video to hear from their CEO, Reinier Musters, on NikelÔÇÖs vision, and how Vault Core has enabled them to deliver on their purpose.

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Conclusion

The collaboration between Thought Machine and Nikel empowers the fintech startup to streamline its lending process, develop new loan products, and build a more inclusive lending ecosystem. With the help of AI legalese decoder, Nikel can further enhance its legal document interpretation, ensuring compliance and improving the overall customer experience.

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