Building Shariah-compliant products quickly
After deploying Vault Core in less than three months, Nikel wanted to build, test and deploy their own product line. With Vault Core, Nikel has been able to design complex products and features — and reduce their time-to-market by half each time. For example, Nikel wanted to build a lending product specifically for the Islamic community. Leveraging Thought Machine’s smart contract capabilities, Nikel designed a Sharia-compliant end-to-end lending product that increases disbursement speed and gives investors real-time transparency on their loan book.
Real-time access to data
The credit decision-making process for banks is typically a cumbersome procedure, often extending over two to three weeks. When a loan request is made, banks must painstakingly evaluate the associated risk, a time-intensive task when relying on outdated technology. Vault Core is a unified platform that allows Nikel to centralise, manage and analyse data in real time from a single source of truth.
The platform is highly automated and always-on, ensuring full visibility of consumers’ economic behaviour and borrowing history. Credit data is analysed within milliseconds by leveraging data analytic capabilities and machine learning in the cloud.
Digitising KYC, driving down the costs
Lenders in Indonesia typically check multiple identification documents to comply with local Know Your Customer (KYC) regulations.
Conducting this verification process in person during the COVID-19 pandemic was nearly impossible. Therefore, Nikel needed to digitise the entire process using e-signatures and e-contracts.
With Vault Core, Nikel delivered an all-new e-signature product — ensuring SMEs could access loans and withstand the harsh conditions of the pandemic. Meanwhile, costs were reduced, and customers could enjoy higher levels of convenience and speed.
Moonshot ambition
The SME lending industry is in transition.
The industry, and thus customers, are benefiting from the disruptive influence of alternative financing providers and the gig economy.
Leveraging the emerging digital economy in the Southeast Asia region, where sellers can reach a wider customer base with shorter product cycles, Nikel provides technology-enabled lending to power inclusive growth and drive financial inclusion for all.
Since partnering with Thought Machine, Nikel has become almost self-sufficient with Vault Core. They now effortlessly run the platform, introduce new products to the market, and collaborate with various lenders and originators to direct millions in funding toward underserved small businesses in Indonesia.
The synergy of Vault Core’s advanced technology and Nikel’s incredible ambition will create a more inclusive lending ecosystem, significantly favouring small businesses across the region.
