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As business lending is expected to ease in 2023, Westpac aims to get credit to business customers faster.
In a move to get more credit to business customers faster, Westpac has partnered with Sydney-based artificial intelligence company Rich Data Co (RDC) to use its “analytics capability” to predict customer cash flow.
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The capabilities include a digital application process, smarter technology that enables faster decisions for borrowers, and an expanded cash flow offering that allows complex businesses access to flexible, unsecured funding.
The partnership will enable predictive data features to improve the lending experience for Westpac's business customers through the first and third party channels.
A recent survey revealed that 95 per cent of businesses said they want “the least amount of paperwork and administrative hurdles”, which was up from 90 per cent at the outset of the pandemic in March 2020, according to Scotpac SME Growth Index.
‘Speed, ease and dependable customer service’ are the common themes Australian small- to medium-sized enterprises (SMEs) are looking for when sourcing new business finance.
As such, managing director of business lending at Westpac, Shane Howell, said the move will provide its customers with fast decisions and provide a simple and informed experience.
“This work gives us a deeper understanding of our customers, so that we can support and provide insights as and when they need it,” he said.
In effect, the partnership will help the bank determine which customer might need credit in advance.
“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,” Mr Howell said.
He explained the benefits to customers will be access to its two-sided digital finance application form, which allows both “customers and bankers to jointly work on an application for a faster experience.”
RDC chief executive officer and co-founder, Ada Guan, said the partnership will enable Westpac to “have a greater understanding of its customers for both lending needs and credit risk management”.
“Customers are the ultimate beneficiaries of our platform and our partnership with Westpac ensures we can help power the delivery of enhanced services,” Ms Guan said.
Finsure launches AI to boost loan processing
Meanwhile, the Finsure Group recently launched a new technology that will fast-track loan applications to support its broker network.
The aggregator said SureScore will be added to its CRM platform Infynity, which will help ensure loan applications progress to approval as often as possible and speed up lender turnaround times.
The AI technology is designed to significantly improve the quality of loan applications.
[Related: Finsure launches AI to boost loan processing]
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