Westpac Links with RDC for AI Business Lending CX Boost
(19 January 2023 – Australia) Westpac has partnered Rich Data Co (RDC) to improve customer experience (CX) for its business lending customers utilising artificial intelligence (AI).
RDC’s AI platform will be applied to determine the current and projected cashflow status of an enterprise, supporting credit worthiness and lending decision making. RDC previously partnered NAB in 2020 under a similar arrangement to improve the group’s small business lending offering.
The technology supports a digital application process and faster decisioning for borrowers with an expanded cash flow offering, supporting Westpac to extend flexible, unsecured funding with faster turnaround times, a key frustration for small business owners according to East & Partners research.
“AI-led decisions will streamline lending processes. Integrating AI into our business lending decision-making processes will simplify and accelerate our lending practices for customers, allowing us to enhance our existing platforms and decisioning capability in a safe and controlled way” commented Westpac Business Lending MD Shane Howell.
“The work provides a deeper understanding of our customers so that we can support and provide insights as and when they need it. Customers will see tangible benefits, including our two-sided digital finance application form, which allows both customers and bankers to jointly work on an application for a faster experience" Howell added.