Westpac is improving the lending experience for business customers and bankers by leveraging data insights and artificial intelligence.
The 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.
Supporting the investment is a new partnership with artificial intelligence (AI) company Rich Data Co (RDC), whose advanced analytics capability will enable predictive data features to improve the lending experience and better support our customers.
“We want to give our customers fast decisions and provide a simple and informed experience. This work gives us a deeper understanding of our customers, so that we can support and provide insights as and when they need it,” said Shane Howell, Managing Director of Business Lending at Westpac.
“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,” Mr Howell said.
RDC’s platform and service will enable Westpac to accelerate its analytical data, which will help simplify and improve lending system processes.
“We are thrilled to be working with Westpac as it focuses on the growth and acceleration of its business lending capabilities,” said Ada Guan, RDC Chief Executive Officer and Co-Founder.
“Our platform will allow Westpac to have a greater understanding of its customers for both lending needs and credit risk management. Customers are the ultimate beneficiaries of our platform and our partnership with Westpac ensures we can help power the delivery of enhanced services.”
