RDC, M&T Bank Collaborate to Expand AI Lending
Rich Data Co. (RDC) partners with M&T Bank Corp., with the aim of expanding the introduction of its AI decisioning platform, as per the press release sent to PYMNTS.
In the press release, Ada Guan, CEO, and co-founder of Rich Data Co, emphasized the power of AI in the transformation happening within the business and commercial lending sectors. He also highlighted how AI is playing a vital role in reshaping the financial services sector.
AI Changes Business Lending
The sixth largest commercial bank in North America is considering integrating Rich Data Co’s AI platform into its workflow, aiming at getting more detailed information regarding the cashflow health, credit risk, as well as lending opportunities, as mentioned in the release.
The platform will help M&T Bank in identifying early warning signs, such as a client breaching a financial contract, by aiding in decision-making, enhancing the risk management, and the lending strategies.
The deal was made between the two parties, thanks to the collaboration of Rich Data Co with its reseller partner, nCino, a financial technology company based in Wilmington, North Carolina.
On his part, Guan stated that the company is committed to bringing its innovative solutions to more financial institutions in collaboration with nCino.
The agreement with nCino was made in February 2023 and focuses on making the lending processes of the reseller’s customers easier. This collaboration was expected to offer financial institutions with deeper insights, thus improving, streaming, and automating workflows.
AI for SMEs
In January, PYMNTS reported that AI is not only integrated to financial institutions but also to small and medium businesses, by implementing AI-driven decision frameworks. Therefore, by adopting these frameworks, financial institutions are making working capital accessible to everyone.
PYMNTS Intelligence has also mentioned in the report “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service” in collaboration with AI-ID, specializing in tracking, identify, and managing AI generated outputs in the marketplace that AI is significantly improving risk models, as well as the interactions with consumers, indicating that AI apps now are moving from personalized customer services to strong anti-money laundering (AML) programs.
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