EXL [NASDAQ: EXLS], a leading data analytics and digital operations
and solutions, Corridor Platforms, a leading decision workflow
automation platform, and Oliver Wyman, a premier global management
consultancy, today announced a joint venture to develop a risk
decisioning-as-a-service solution for financial institutions. The
breakthrough new solution leverages advanced analytics, AI and the
cloud to deliver instant credit decisions necessary to support
digital lending initiatives such as point-of-sale financing,
digital loans, mortgage approvals and real-time credit limit
changes.
The rapid-fire growth of digital lending has put mid-sized and
regional banks at a significant disadvantage versus national
players with the tech infrastructure in place to support real-time
decisioning. With this new decisioning-as-a-service solution, banks
and credit unions of every type will now be able to take advantage
of a hosted advanced decisioning cloud populated with external and
internal data sources and a dedicated team of industry experts,
while maintaining full control of compliance and governance. This
will enable them to become competitive immediately versus the most
advanced lenders.
“As digital lending products have proliferated, the customer
expectation for instant approval on everything from a buy now, pay
later offer to an online mortgage application has put enormous
pressure on lenders to automate their credit risk decisioning
processes,” said Ash Gupta, Chairman of Corridor Platforms and
former Chief Risk Officer of American Express. “While speed is
clearly the goal, it cannot come at the expense of robust risk
controls. With our risk decisioning as a service solution, we’re
giving lenders a turnkey solution to deliver real-time credit
decisions with the risk governance necessary to meet their
fiduciary requirements.”
Smaller banks have found it prohibitively expensive to invest in
big data technologies and attract top AI/ML talent to complete
effectively. Some banks have started using generic vendor scores
for decisioning, but as most products become digital, this strategy
could leave them at a permanent competitive disadvantage versus
real-time, hyper-personalized models and decisioning strategies.
Decisioning is a core function and banks need to make a
transformational leap to meet growing digital expectations from
consumers. While most solution providers use black box models, this
industry first offering is truly a build, operate, transfer
solution. It will allow banks to learn on the job from industry
experts, as they modernize/automate the decisioning process, with
immediate performance gains as a proof point.
“When it comes to lending, current consumer expectations are
that they get to choose between relevant offers from multiple
sources and receive real-time answers. Regional banks and Credit
Unions, used to a loyal and captive base, are dealing with
acceptance rates that have fallen sharply in recent months. To be
relevant, banks need to transform their data/analytics
infrastructure and uplift modeling talent quickly,” said Vikram
Pandit, Chairman of EXL and former Chief Executive Officer of
Citigroup. “With this new offering, we’re bringing the collective
power of the industry’s leading technology, analytics and
governance experts together to create a solution that will make
lenders competitive quickly, while transferring critical know-how
so that they become self-dependent in the long run.”
Capturing a wide range of traditional credit risk measures,
including credit scores, purchase and payment histories and bank
statement data, along with non-traditional data, real-time fraud
screening and risk rating tools based on data generated from each
new transaction, the risk decisioning-as-a-service solution is
designed to address the unique challenges of digital lending.
“Lenders offering real-time digital credit products need to get
comfortable moving beyond traditional credit data and scoring by
adopting AI-enabled software that learns from all relevant data and
builds proprietary risk scoring in real-time. But they need to do
so with full compliance and robust governance,” said Til
Schuermann, Co-Head of Oliver Wyman’s Finance, Risk and Public
Policy practice and Board member of Corridor Platforms. “Oliver
Wyman is thrilled to collaborate with Corridor and EXL to provide
analytics, risk management and regulatory expertise and guidance as
they stand up this industry first offering.”
Both EXL and Oliver Wyman have a long history of working
together with Corridor to support client needs and both companies
have a minority stake in Corridor.
For more information about this Risk Decisioning-as-a-Service
solution, click www.exlservice.com/credit-risk-decisioning.
© 2022 ExlService Holdings, Inc. All rights
reserved. For more information go to
www.exlservice.com/legal-disclaimer
About EXLEXL (NASDAQ: EXLS) is a leading data
analytics and digital operations and solutions company that
partners with clients to improve business outcomes and unlock
growth. By bringing together deep domain expertise with robust
data, powerful analytics, cloud, artificial intelligence (“AI”) and
machine learning (“ML”), we create agile, scalable solutions and
execute complex operations for the world’s leading corporations in
industries including insurance, healthcare, banking and financial
services, media, and retail, among others. Focused on driving
faster decision-making and transforming operating models, EXL was
founded on the core values of innovation, collaboration,
excellence, integrity and respect. Headquartered in New York,
our team is over 39,000 strong, with more than 50 offices spanning
six continents. For more information,
visit www.exlservice.com.
About Corridor PlatformsCorridor Platforms is a
leading provider of proprietary decision workflow governance and
automation software. The company’s decisioning platform was created
by a team of highly seasoned credit professionals leveraging the
most advanced analytics and big data capabilities. The core
leadership team comprises of senior executives with decades of
experience designing, underwriting, pricing and managing
multi-billion-dollar lending portfolios through multiple credit and
recessionary cycles. Corridor Platforms Inc. is majority owned by
its founders, with additional investment from EXL Service and
Oliver Wyman. For more information visit
www.corridorplatforms.com.
About Oliver WymanOliver Wyman
is a global leader in management consulting. With offices in more
than 70 cities across 30 countries, Oliver Wyman combines deep
industry knowledge with specialized expertise in strategy,
operations, risk management, and organization transformation. The
firm has more than 5,500 professionals around the world who work
with clients to optimize their business, improve their operations
and risk profile, and accelerate their organizational performance
to seize the most attractive opportunities. Oliver Wyman is a
business of Marsh McLennan [NYSE: MMC]. For more information, visit
www.oliverwyman.com. Follow Oliver Wyman on Twitter
@OliverWyman.
Cautionary Statement Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements. You should not place undue reliance on those statements
because they are subject to numerous uncertainties and factors
relating to EXL's operations and business environment, all of which
are difficult to predict and many of which are beyond EXL’s
control. Forward-looking statements include information concerning
EXL’s possible or assumed future results of operations, including
descriptions of its business strategy. These statements may include
words such as “may,” “will,” “should,” “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate” or similar expressions.
These statements are based on assumptions that we have made in
light of management's experience in the industry as well as its
perceptions of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
under the circumstances. You should understand that these
statements are not guarantees of performance or results. They
involve known and unknown risks, uncertainties and assumptions.
Although EXL believes that these forward-looking statements are
based on reasonable assumptions, you should be aware that many
factors could affect EXL’s actual financial results or results of
operations and could cause actual results to differ materially from
those in the forward-looking statements. These factors, which
include our ability to successfully close and integrate strategic
acquisitions, our ability to respond to and manage public health
crises, including the outbreak and continued effects of the
coronavirus (COVID-19) pandemic, are discussed in more detail in
EXL’s filings with the Securities and Exchange Commission,
including EXL’s Quarterly Report on Form 10-Q and Annual Report on
Form 10-K. These risks could cause actual results to differ
materially from those implied by forward-looking statements in this
release. You should keep in mind that any forward-looking statement
made herein, or elsewhere, speaks only as of the date on which it
is made. New risks and uncertainties come up from time to time, and
it is impossible to predict these events or how they may affect
EXL. EXL has no obligation to update any forward-looking statements
after the date hereof, except as required by federal securities
laws.
Investor Relations
Steven N. Barlow
Vice President Investor Relations
+1 212-209-4613
steven.barlow@exlservice.com
Media - US
John Roderick
J. Roderick Public Relations
+1 631-584-2200
john@jroderick.com
Media - Europe, India and APAC
Shailendra Singh
Vice President Corporate Communications
+91-98104-76075
shailendra.singh@exlservice.com
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