Rich Data Co. (RDC) has taken another step in the global expansion of its artificial intelligence (AI) decision-making platform for business and commercial lenders.
RDC said in a press release emailed to PYMNTS that the company has acquired its first customer in the United States, M&T Bank Corp. Signed on.
“This partnership demonstrates the transformative power of AI in business and commercial lending and the global trend of AI shaping the financial services sector,” said Ada Gowan, CEO and co-founder of RDC, in the release. “
M&T, the sixth largest commercial bank in North America, will use the RDC AI platform to gain more comprehensive insights into cash flow health, credit risk and lending opportunities, according to the release.
Banks should also use the platform to detect early warning signs, access additional insights when making decisions throughout the customer relationship lifecycle, and enhance their risk management and lending strategies, the release said. will
RDC's collaboration with its reseller partner, cloud banking firm nCino, facilitated the deal, as the company's continuous credit monitoring solution leverages the RDC platform.
“We are focused on continuing our expansion and bringing our innovative solutions to more financial institutions in partnership with nCino,” Guan said in the release.
NCino announced its value-added reseller agreement with Rich Data Co. in February 2023, saying the AI decision-making platform will enhance the lending process for its customers.
The companies said at the time that the partnership “will equip financial institutions with deeper insights into their customers' businesses and streamline, streamline and further automate workflow and oversight,” enabling small business and commercial lending. I will create significant value and utility.
PYMNTS reported in January that the traditional approach to small and medium business (SMB) lending has changed due to the emergence of AI-powered decision frameworks.
By replacing subjective assessments with a data-driven paradigm in the lending landscape, new digital lending and financing products are enabling savvy traditional financial institutions to democratize access to working capital.
PYMNTS Intelligence has found that creative AI is enhancing both threat models and consumer interactions. According to the PYMNTS Intelligence and AI-ID collaboration, “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service,” the technology's applications range from personalized customer services to anti-money laundering (AML) programs.