Australian bank Westpac has teamed up with AI company Rich Data Co (RDC) to improve the lending experience for its business customers.
RDC’s advanced analytics capability will enable predictive data features.
Shane Howell, managing director of business lending at Westpac, said using data insights and AI will speed up the decision-making process for its business customers and provide them with “a simple and informed experience”.
“Customers will see tangible benefits, including our two-sided digital finance application form, which allows both customers and bankers to jointly work on an application for a faster experience.
“Integrating AI into our business lending decision-making processes will simplify and accelerate our lending practices for customers, allowing us to enhance our existing platforms and decisioning capability in a safe and controlled way,” Howell added.
Ada Guan, co-founder and CEO of RDC, said: “Our platform will allow Westpac to have a greater understanding of its customers for both lending needs and credit risk management.
“Customers are the ultimate beneficiaries of our platform and our partnership with Westpac ensures we can help power the delivery of enhanced services.”