M&T Bank Partners With Rich Data Co. For AI Decision Making Platform
Announced in a press release sent to PYMNTS via email, RDC disclosed that it has secured its inaugural customer in the United States, M&T Bank Corp
Rich Data Co. (RDC) has taken a significant stride in expanding its artificial intelligence (AI) decisioning platform for business and commercial lenders globally.
Announced in a press release sent to PYMNTS via email, RDC disclosed that it has secured its inaugural customer in the United States, M&T Bank Corp.
Ada Guan, CEO and co-founder of RDC, highlighted the partnership as emblematic of AI's transformative influence on business and commercial lending, echoing a broader global trend reshaping the financial services sector.
As the sixth largest commercial bank in North America, M&T Bank will leverage RDC's AI platform to deepen its insights into cash flow health, credit risk assessment and lending prospects.
Moreover, the bank aims to utilise the platform to identify early warning signals, access additional insights throughout the customer lifecycle and bolster its risk management and lending strategies.
RDC's collaboration with its reseller partner, cloud banking firm nCino, played a pivotal role in clinching the deal. Leveraging nCino's Continuous Credit Monitoring solution, which integrates with the RDC platform, facilitated the agreement.
Guan emphasised RDC's commitment to expanding its reach and delivering innovative solutions to financial institutions, particularly in collaboration with nCino.
The partnership between nCino and Rich Data Co. was initially announced in February 2023, with nCino underscoring how the AI decisioning platform would enhance the lending process for its clientele.
This strategic alliance is geared towards furnishing financial institutions with deeper insights into their clients' businesses, while also streamlining and automating workflow and monitoring processes, thereby generating substantial value and efficiencies in small business and commercial lending.
Traditional approaches to small and medium-sized business (SMB) lending are experiencing a paradigm shift propelled by AI-driven decision frameworks, as reported by PYMNTS in January.
Through the integration of data-driven models in lending practices, emerging digital lending and financing products are democratising access to working capital for a broader spectrum of businesses.
PYMNTS Intelligence, in collaboration with AI-ID, has observed that generative AI is not only refining risk models but also enhancing consumer interactions across various applications, ranging from personalised customer services to anti-money laundering (AML) programmes.
