GXS Financial institution, a digital financial institution in Singapore, has enhanced its buyer onboarding course of utilizing international analytics software program FICO’s platform.
The financial institution now reportedly onboards nearly all of its prospects in underneath three minutes. This earned it the 2024 FICO Selections Award for Buyer Onboarding & Administration.
GXS Financial institution makes use of the FICO Platform to make fast credit score selections, typically inside milliseconds, permitting it to problem loans in underneath three minutes.
By utilising conventional and various knowledge, the financial institution can lengthen credit score to people with restricted or no credit score historical past.
GXS leverages user-permission knowledge from its ecosystem companions, superapp Seize and main regional telco Singtel, to increase credit score entry to underserved customers.
This ecosystem knowledge is then layered onto data from typical sources like credit score bureau scores.
Integrating these datasets has allowed GXS Financial institution to evaluate candidates extra precisely and provide personalised rates of interest, offering loans to a wider vary of shoppers, together with these usually missed by conventional banks.
The implementation of the FICO Platform was mentioned to have been accomplished in simply three months.
This deployment units the stage for additional innovation and development, with plans to increase the platform’s capabilities to imminent credit score merchandise in Singapore, Malaysia, and Indonesia.
“FICO Platform allows us to leverage various knowledge and increase our choices. Its agile infrastructure allows us to iterate shortly whereas making certain strong danger controls are in place. Introducing GXS FlexiLoan exemplifies our dedication to pioneering customer-centric options within the digital banking realm.
The implementation of FICO Platform in simply three months was nothing wanting outstanding, particularly when contemplating the normal timelines of as much as a yr for different suppliers’ on-premises options.”
mentioned Vaman Sriraman, Group Chief Danger Officer at GXS Financial institution.
Nikhil Behl
“FICO Platform performs a pivotal function in advancing monetary inclusion by enabling banks like GXS to leverage various knowledge sources and streamline credit score decisioning processes.
Furthermore, the implementation of the FICO Platform in simply three months is a testomony to our dedication to delivering tangible, speedy worth to our shoppers.”
mentioned Nikhil Behl, EVP of Gross sales and Chief Advertising and marketing Officer at FICO.
