Australian bank Westpac has partnered with local AI company Rich Data Co (RDC) to streamline its business lending processes, aiming to enhance both speed and simplicity.
The new initiatives include a digital application system and advanced technology that facilitates quicker decision-making for borrowers. Additionally, Westpac is introducing an expanded cash flow offering, providing complex businesses with access to flexible and unsecured funding options.
Central to this enhancement is RDC’s analytics capability, which utilizes predictive data features to enrich the overall lending experience.
Shane Howell, Managing Director of Business Lending at Westpac, stated, “Customers will experience notable advantages, such as our collaborative digital finance application, which enables both clients and bankers to work together more efficiently.”
He added, “Incorporating AI into our lending decision processes will simplify and expedite our practices for customers, allowing us to gradually improve our existing platforms and decision-making capabilities in a secure manner.”