Rich Data Co. (RDC) has taken another step toward the global expansion of its artificial intelligence (AI) decision-making platform for corporate and commercial lenders.
In a press release emailed to PYMNTS, RDC said the company has signed a deal with M&T Bank Corp., its first U.S. client.
“This partnership demonstrates the transformative power of AI in business and commercial lending and the global trends surrounding AI shaping the financial services sector,” Ada Guan, CEO and co-founder of RDC, said in the release.
According to the announcement, M&T, the sixth largest commercial bank in North America, will use the RDC AI platform to gain more comprehensive insights into cash flow health, credit risk and lending opportunities.
The bank also said it will use the platform to detect early warning signs and access additional insights when making decisions during the customer relationship lifecycle, enhancing its risk management and lending strategies.
RDC's work with reseller partner, cloud banking company nCino, facilitated the deal, as the company's continuous credit monitoring solution leverages the RDC platform, according to the release.
“We are committed to partnering with nCino to continue expanding our business and bring our innovative solutions to more financial institutions,” Guan said in the release.
NCino announced a value-added reseller agreement with Rich Data Co. in February 2023, saying its AI decision-making platform would enhance the lending process for customers.
The companies said at the time that the partnership would enable “financial institutions to gain deeper insights into their clients' businesses and improve, streamline and further automate workflows and oversight,” creating greater value and efficiencies for small business and commercial lending.
Traditional approaches to small and medium-sized business (SMB) lending are being transformed by the emergence of AI-driven decision-making frameworks, PYMNTS reported in January.
By replacing subjective valuations with a data-driven paradigm in the lending environment, new digital lending and funding products are enabling experienced traditional financial institutions to democratize access to working capital.
PYMNTS Intelligence found that generative AI is enhancing both risk models and consumer interactions. Applications for the technology range from personalized customer service to anti-money laundering (AML) programs, according to a joint study by PYMNTS Intelligence and AI-ID, “AI-Powered Banking: Financial Services Sector Leverages Generative AI for Security and Service.”
