Rich Data Co inks first US deal for AI decisioning platform with M&T Bank
Australian start-up Rich Data Co (RDC) has extended its AI-powered decisioning platform to M&T Bank as its first major client in the USA.
M&T becomes first RDC client in the US
The business and commercial lending-specific platform will enable M&T, the sixth largest commercial bank in North America, to “detect more early warning signs” within its risk management and lending strategy.
Leveraging explainable AI technology, the solution will equip the bank with cash flow health, credit risk and further lending insights applicable throughout the customer relationship lifecycle.
The deal was facilitated through RDC’s collaboration with its reseller partner, nCino, whose Continuous Credit Monitoring solution leverages RDC’s AI decisioning platform.
M&T engineering director Nicholas Batyko says the move will “drive additional automation, and provide intelligent, actionable insights” for its commercial and business banking clients.
“We are further enhancing our ability to manage credit risk through the automation of early warning indicators,” adds Sarah Hudak, director of credit product delivery at M&T. “This scalable capability will provide insights to our employees to drive even more timely and tailored banking experiences.”
Previous takers of the RDC platform include Australian banking heavyweight Westpac, which has leveraged the technology throughout its domestic business lending operations since co-leading the start-up’s $17.5 million Series B with nCino in December.
Having now established a presence in the North American market, RDC co-founder and CEO, Ada Guan, says the start-up is focused on “continuing our expansion and bringing our innovative solutions to more financial institutions”.
