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M&T Bank turns to Rich Data Co for AI decisioning platform
Rich Data Co. (RDC) took another step in the global expansion of its decision-making capacity in artificial intelligence (AI). platform for business and commercial lenders.
The company won its first customer in the United States, M&T Bank Corp.said RDC in a press release emailed to PYMNTS.
“This partnership demonstrates the transformative power of AI in business and commercial lending and the global trend of AI shaping the financial services sector,” Ada GuanCEO and co-founder of DRC, said in the statement.
M&T, which is 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.
The bank will also use the platform to help detect early warning signs, access additional insights when making decisions across the customer relationship lifecycle, and improve its risk management and lending strategies, the statement said.
RDC collaboration with its reseller partner, cloud banking company nCinomade business easier, as that company’s Continuous Credit Monitoring solution takes advantage of the RDC platform, according to a statement.
“We are focused on continuing our expansion and bringing our innovative solutions to more financial institutions in partnership with nCino,” Guan said in the statement.
NCino announced its value-added reseller agreement with Rich Data Co. in February 2023, saying that the AI Decision Platform would improve the loan process for its customers.
The companies stated at the time that the partnership would “equip financial institutions with deeper insights into their customers’ businesses and further improve, simplify and automate workflow and monitoring,” creating significant value and efficiencies in commercial lending and for small businesses.
Traditional Approaches for Small and Medium Businesses (SMB) loan are undergoing a shift driven by the emergence of AI-based decision frameworks, PYMNTS reported in January.
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 finds that generative AI is improving so much risk models and consumer interactions. Applications of the technology range from personalized customer service to anti-money laundering (AML) programs, according to “AI-Powered Banking: Financial Services Sector Leverages Generative AI for Security and Services”, a PYMNTS Intelligence and AI ID collaboration.
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