/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Westpac brings AI to biz lending decisions

Westpac brings AI to biz lending decisions

Australian lender Westpac has enlisted local AI firm Rich Data Co (RDC) to make its business lending decisions faster and simpler.

Westpac's new capabilities include a digital application process, smarter technology that enables faster decisions for borrowers and an expanded cash flow offering that allows complex businesses access to flexible, unsecured funding.

At the heart of the work is the analytics capability of RDC, which incorporates predictive data features to improve the lending experience.

Shane Howell, MD, business lending, Westpac, says: "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."

Comments: (0)