Rich Data Co signs first US customer as part of global expansion and transformation of business lending leveraging AI
Rich Data Co (RDC), an industry leader in artificial intelligence (AI) decisioning for business and commercial lenders, has signed its first major US deal with M&T Bank Corporation (“M&T”) (NYSE:MTB).
M&T Bank is the sixth largest commercial bank in North America and ranked a top 20 bank in the US. The partnership marks RDC’s first US banking customer and sees M&T join a growing number of lenders globally and in Australia & New Zealand adopting AI for improved decision-making and enhanced customer experiences.
RDC’s explainable AI solution will provide M&T comprehensive insights into cash flow health, credit risk, and lending opportunities at both the customer and portfolio levels. This advanced technology will enable M&T to detect more early warning signs and have access to additional insights when making decisions throughout the customer relationship lifecycle, significantly enhancing their risk management and lending strategies.
The deal is facilitated through RDC’s collaboration with its reseller partner, nCino (NASDAQ: NCNO), pioneers in cloud banking. nCino’s Continuous Credit Monitoring solution leverages RDC’s AI decisioning platform to bring transparency and compliance to every decision.
Ada Guan, CEO and Co-founder of RDC, says: “From our humble beginnings as an Australian startup to now partnering with global institutions, we’re excited to establish our presence in the North American market with M&T, an innovative and forward-thinking leader.”
“This partnership demonstrates the transformative power of AI in business and commercial lending and the global trend of AI shaping the financial services sector. We’re focused on continuing our expansion and bringing our innovative solutions to more financial institutions in partnership with nCino.”
The banking sector has undergone a revolution over the last few years as a result of AI initiatives, with 32 percent of financial services providers already using AI for predictive analysis, voice recognition and other uses.[1] In Australia and New Zealand, banks are using the RDC AI platform to assess creditworthiness outside of traditional credit models and expand their business lending capabilities.
Australia’s fintech sector is one of the fastest growing in the world, experiencing a five-fold increase in the last five years.[2] Since RDC was founded in 2016, it has grown organically in Australia and New Zealand, helping banks make safe, efficient and high-quality lending decisions.
Joining the 50 percent of Australian fintechs generating revenue overseas,[3] RDC has been engaged in projects offshore since 2016. This expansion has been accelerated following the company’s successful AU$28 million Series B fund raise last year. Currently, RDC has a global team of more than 70 employees, with a growing number based in North America to spearhead this growth.
About Rich Data Co
Rich Data Co (RDC) is an industry leader in artificial intelligence (AI) decisioning for business and commercial lenders. The RDC AI platform enables banks to make high-quality lending decisions efficiently and safely. Leveraging advanced explainable AI technology, the platform delivers efficiency and transparency in both origination and portfolio management decisions. With the RDC platform, banks can deliver more meaningful customer interactions, improve credit outcomes, and increase lending. For more information, visit richdataco.com.
[1] Deloitte AI Institute, https://www2.deloitte.com/us/en/pages/consulting/articles/ai-dossier-financial-services.html
[2] Fintech Australia, https://www.fintechaustralia.org.au/newsroom/australia-home-to-a-booming-fintech-industry
[3] EY Fintech Australia 2023, https://www.ey.com/en_au/economics/fintech-australia-census-report-2023
