Fintech
Rich Data Co signs first US customer as part of global expansion
Industry leader in artificial intelligence (AI) decisions for corporate and commercial lenders, Rich Data Co signs first US customer with M&T Bank Corporation (“M&T”) (NYSE:MTB).
M&T Bank is the sixth largest commercial bank in North America and is ranked among the top 20 banks in the United States. The partnership marks RDC’s first US banking client and sees M&T join a growing number of lenders globally and in Australia and New Zealand adopting artificial intelligence to improve decision-making and improve customer experiences.
RDC’s explainable AI solution will provide comprehensive M&T insights into cash flow status, credit risk and lending opportunities at both the customer and portfolio levels. This advanced technology will allow M&T to detect earlier warning signals and have access to additional insights when making decisions throughout the entire customer relationship lifecycle, significantly improving risk management and lending strategies.
The deal is facilitated by RDC’s collaboration with its reseller partner, nCino (NASDAQ: NCNO), a pioneer in cloud banking. nCino’s continuous credit monitoring solution Leverages RDC’s AI-powered decision-making platform to ensure transparency and compliance with every decision.
Ada Guan, CEO and co-founder of RDC, says: “From our humble beginnings as an Australian startup to partnering with global institutions, we are 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 corporate and commercial lending and the global trend of AI shaping the financial services industry. We are 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 in recent years as a result of artificial intelligence initiatives, with 32% of financial services providers already using artificial intelligence for predictive analytics, voice recognition and other uses. In Australia and New Zealand, banks are using the AI RDC platform to assess creditworthiness outside of traditional credit models and expand their business lending capabilities.
The Australian fintech sector is one of the fastest growing sectors in the world, having grown five-fold in the last five years. Since it was founded in 2016, RDC has grown organically across Australia and New Zealand, helping banks make safe, efficient and high-quality lending decisions.
Joining the 50% of Australian fintechs generating revenue overseas, RDC has been engaged in offshore projects since 2016. This expansion was accelerated following its successful A$28 million Series B fundraising last year. Currently, RDC has a global team of more than 70 employees, with a growing number based in North America to drive this growth.