Commercial artificial intelligence (AI) developer and regular partner to Australia’s big four banks Rich Data Co (RDC) has secured its first major contract with a US bank.
The deal will see M&T Bank, North America’s sixth largest commercial bank, deploy RDC’s ‘Explainable AI’ platform within its credit decisioning function, promising it “comprehensive insights into cash flow health, credit risk, and lending opportunities at both the customer and portfolio levels”.
“This advanced technology will enable M&T to detect more early warning signs and have access to additional insights when making decisions throughout the customer relationship lifecycle, significantly enhancing their risk management and lending strategies,” RDC wrote.
The deal was facilitated through RDC’s collaboration with its reseller partner, nCino, a cloud banking platform developer.
nCino’s Continuous Credit Monitoring, a credit risk monitoring solution, leverages RDC’s AI decisioning platform to support early warning risk detection, automated reviewing, and to facilitate new, lower-risk lending opportunities.
RDC chief executive and co-founder Ada Guan said the AI developer was “excited to establish [its] presence in the North American market”.
“This partnership demonstrates the transformative power of AI in business and commercial lending and the global trend of AI shaping the financial services sector.
Guan added: “We’re focused on continuing our expansion and bringing our innovative solutions to more financial institutions in partnership with nCino.”
RDC boasts that a number of financial institutions in Australia and New Zealand, including NAB, Judo and BNZ, have deployed the RDC AI platform to assess creditworthiness outside of traditional credit models and expand their business lending capabilities.
Early last year, RDC confirmed a deal with Westpac, also a financial backer of the firm, to deploy its platform within the bank’s business lending operations, helping to determine customer eligibility for loans.
RDC has been engaged in projects offshore since 2016, with its recent expansion accelerated by the company’s $28 million Series B capital raise last year.
