Australia-based bank Westpac has partnered with artificial intelligence (AI) company Rich Data Co (RDC) to improve its lending experience for business customers and bankers.
The upgrades include a digital application process, technology that speeds up decisions for borrowers, and an expanded cash flow offering that allows businesses to access flexible, unsecured funding.
RDC’s platform will simplify the lending process and speed up decisions for Westpac customers.
Shane Howell, managing director of business lending at Westpac, commented: “This work gives us a deeper understanding of our customers, so that we can support and provide insights as and when they need it.
“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.”
Ada Guan, RDC chief executive officer and co-founder, added: “We are thrilled to be working with Westpac as it focuses on the growth and acceleration of its business lending capabilities.
“Our platform will allow Westpac to have a greater understanding of its customers for both lending needs and credit risk management.”
In a similar agreement in 2020, the National Australian Bank (NAB) struck a deal with RDC to use its AI prediction and decisioning capability software.
They co-developed a “test and learn” environment to help NAB better understand its small business customers’ needs.