- Rich Data Co. secures its first U.S. client, M&T Bank Corp., for its AI decisioning platform.
- The partnership signifies AI’s growing role in reshaping business and commercial lending globally.
- M&T Bank aims to leverage RDC’s platform for deeper insights into cash flow health, credit risk, and lending opportunities.
- Collaboration with nCino facilitates the integration of RDC’s platform, enhancing risk management and lending strategies.
- RDC’s commitment to innovation alongside nCino underscores the transformative potential of AI in financial institutions.
Main AI News:
In a strategic move toward global expansion, Rich Data Co. (RDC) announces a significant milestone with the adoption of its artificial intelligence (AI) decisioning platform by M&T Bank Corp., marking its inaugural customer acquisition in the United States. This development underscores the pervasive influence of AI in revolutionizing business and commercial lending practices, reflecting a broader trend reshaping the financial services landscape.
Ada Guan, CEO and co-founder of RDC, emphasizes, “This partnership underscores the transformative potential of AI in business and commercial lending, underscoring a global shift within the financial services domain.” M&T Bank, positioned as the sixth-largest commercial bank in North America, aims to harness the capabilities of the RDC AI platform to glean comprehensive insights into cash flow health, credit risk assessment, and lucrative lending prospects.
Leveraging the RDC AI platform, M&T Bank is poised to bolster its risk management and lending strategies, empowering it to detect early warning signals and access supplementary insights throughout the customer lifecycle. Through collaborative efforts with its reseller partner, cloud banking innovator nCino, RDC facilitated this groundbreaking collaboration, wherein nCino’s Continuous Credit Monitoring solution seamlessly integrates with the RDC platform.
Ada Guan underscores RDC’s commitment to broadening its reach and fostering innovation in partnership with nCino, emphasizing, “We are dedicated to expanding our footprint and delivering pioneering solutions to an extensive network of financial institutions alongside nCino.” This sentiment echoes nCino’s earlier announcement of a value-added reseller agreement with RDC in February 2023, highlighting the transformative potential of the AI decisioning platform in optimizing lending operations.
The convergence of AI-driven decision frameworks and traditional lending practices signifies a paradigm shift in small and medium-sized business (SMB) lending, as highlighted by PYMNTS in January. By ushering in a data-centric approach to lending, digital lending and financing solutions are revolutionizing access to working capital, empowering traditional financial institutions to foster inclusivity and efficiency in lending practices.
Conclusion:
The adoption of RDC’s AI decisioning platform by M&T Bank reflects a broader trend in the financial services sector towards embracing AI-driven solutions. This strategic partnership highlights the increasing importance of leveraging data analytics to optimize lending practices, signaling a shift towards more efficient and inclusive lending processes in the market.
