Cloud SaaS fintechs Mambu and Rich Data Co partner to support AI innovation for lenders
SINGAPORE, 12 October 2021: Mambu, the market leading cloud-native SaaS banking platform, combined with Rich Data Corporation’s (RDC) cutting edge AI-powered decisioning SaaS platform, is set to enable innovative credit solutions in the local financial services sector.
Today’s borrowers have a strong appetite to consume credit in new and different ways, with an ideological shift towards credit products that are flexible, diverse, and needs-based. The challenge for lenders is that traditional deployment architecture is not equipped to plumb in new and alternate data sets, support AI or rapidly deploy innovative new credit offerings. Cumbersome architecture directly impacts the costs to originate and service new lending, and innovate the credit process.
Mambu and RDC are partnering to enable both traditional and neo banks to leverage the latest AI techniques to operate efficiently, configure and deploy rapidly, and mitigate credit risk. Unlocking the value of AI means that lenders are armed with a diverse set of tools to make sound credit risk decisions, even with limited or no readily available data. This is a heightened challenge when banks and lenders are looking to launch new products or target a new lending segment.
In partnership, RDC and Mambu bring AI innovation to life, with cloud infrastructure to support the use of AI in the origination and servicing of the credit lifecycle. The combined value delivered by the two organisations will enable banks to improve workflow and address efficiency issues, achieve faster time to yes, and faster time to fund. RDC’s unique AI-native credit risk solution brings together modelling and decisioning within a single platform, simplifying the traditional credit technology landscape, while enabling lenders to maximise the use of all available data to make accurate predictions and execute intelligent decision strategies.
Gordon Campbell, Chief Product Officer at RDC, said: “The use of AI increases the accuracy of predictions and decisions and can be safely used by leveraging our glass-box explainability. The power to imagine and implement new lending offerings is something we can deliver in this partnership with Mambu.”
Mambu’s SaaS core banking solution offers enormous flexibility and speed, meaning banks and lenders can rapidly configure and deploy new products, giving financial institutions a unique competitive edge.
Myles Bertrand, Managing Director of Mambu APAC, said: “We are excited to be working together with RDC to facilitate innovation and increase the accuracy of lending decisions while also increasing efficiency and speed to market for new offerings. Mambu’s composable approach allows seamless integration via API with market leading solutions such as RDC’s platform, and we look forward to continued collaborations to solve customer challenges.”
Mambu and RDC entered a partnership arrangement in September 2021 and are working together to support a number of lenders in market.
Media contact: Rachel McDougall | rachel@whitehatagency.com.au
About Mambu
Mambu is the world’s only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 700 employees that support 200 customers in over 65 countries - including N26, OakNorth, Tandem, ABN AMRO, Bank Islam and Orange Bank. www.mambu.com
About Rich Data Corporation
Rich Data Corporation (RDC) is an industry-leading credit risk management platform which uses explainable artificial intelligence and predictive machine learning models, traditional and alternative data sources to provide more accurate, transparent and compliant credit decisions for its global lending clients.
Its next-generation ‘Delta’ platform enables lenders to more accurately access the credit risk and predict the future behaviour, revenue and expenses of SMEs and individuals with a thin credit record - or no credit history, due to the way use of credit is evolving. www.richdataco.com