By using artificial intelligence to surface patterns in a potential borrower’s transaction data and make forward projections, banks like Westpac can make better lending decisions, faster.
Australian “Big Four” bank Westpac has partnered with fintech Rich Data Co to supercharge its bankers’ abilities to provide credit to businesses. RDC’s tools comprehensively analyze a loan applicant’s performance, for example, seeing past seasonal volatility to provide a more holistic view on its credit potential. Integrating these abilities lets Westpac accelerate its lending “in a safe and controlled way,” according to an exec.
“We want to give our customers fast decisions and provide a simple and informed experience,” said Shane Howell, managing director of business lending at Westpac. “This work gives us a deeper understanding of our customers.”
RDC also includes a two-sided digital finance application form, which allows both customers and bankers to jointly work on an application for a faster experience.
While the firm is focused on business lending, other fintechs provide similar services for consumer loans, including Insight Partners’ portfolio company Zest AI, which counts FNBO, Akbank, and Discover Financial Services among its customers.