Singaporean challenger bank successfully
onboards vast majority of customers in less than 3 minutes
FICO (NYSE: FICO):
Highlights:
- GXS Bank is using FICO® Platform to make credit decisions in
milliseconds and issue loans in under 3 minutes upon approval, for
vast majority of customers
- GXS Bank is leveraging alternative data and FICO Platform’s
Intelligent Decisions capabilities to extend credit to applicants
with thin to no credit history
- The implementation of FICO® Platform took just three months to
complete
- GXS Bank has won a 2024 FICO® Decisions Award for Customer
Onboarding & Management
GXS Bank (GXS), Singapore’s first digital bank for consumers and
businesses, is using the industry-leading capabilities of FICO®
Platform to streamline its onboarding process for GXS FlexiLoan,
its personal loan product. This has resulted in an onboarding time
of under three minutes for the vast majority of approved GXS
FlexiLoan applications.
GXS uses FICO Platform to automatically generate credit
decisions in milliseconds, executing complex policy rules that
utilise traditional and alternative data, to provide loans to a
wider pool of consumers without compromising the bank’s credit risk
appetite.
GXS leverages user-permission data from its ecosystem partners,
Grab and Singtel, to expand credit access to underserved users.
Utilizing data from 'super app’ Grab, a dominant force in Southeast
Asia akin to Uber in the Americas, and Singtel, a major regional
telco, offers valuable insights. This ecosystem data is then
layered onto information from conventional sources like credit
bureau scores. By integrating these datasets, GXS enhances
applicant assessments, providing more accurate evaluations and
personalized interest rates.
Thanks to this innovative approach, individuals previously
overlooked by traditional banks—such as those starting their
careers or entrepreneurs with fluctuating incomes—can now secure
loans.
“Digital banks play an important role in extending banking and
credit facilities to a large and underserved group of individuals
and small businesses across Southeast Asia,” said Vaman
Sriraman, Group Chief Risk Officer at GXS Bank. “FICO has been
an invaluable partner for us in our bid to drive financial
inclusion in Singapore. FICO Platform enables us to leverage
alternative data and expand our offerings. Its agile infrastructure
enables us to iterate quickly while ensuring robust risk controls
are in place.”
More information:
https://www.fico.com/en/solutions/account-opening
Agility and Adaptability: Empowering Innovation in Digital
Banking
“Introducing GXS FlexiLoan exemplifies our commitment to
pioneering customer-centric solutions in the digital banking
realm,” added Sriraman. “The implementation of FICO
Platform in just three months was nothing short of remarkable,
especially when considering the traditional timelines of up to a
year for other providers’ on-premises solutions.”
FICO Platform capabilities will be deployed for upcoming credit
products in Singapore as well as across the region, in Malaysia and
Indonesia. The collaboration with FICO has set the stage for the
GXS’ continued innovation and growth.
“FICO Platform plays a pivotal role in advancing financial
inclusion by enabling banks like GXS to leverage alternative data
sources and streamline credit decisioning processes,” said
Nikhil Behl, EVP of sales and chief marketing officer at FICO.
“Moreover, the implementation of the FICO Platform in just three
months is a testament to our dedication to delivering tangible,
rapid value to our clients.”
As a digital-only bank, GXS recognises the paramount importance
of agility and efficiency in its operational processes. The
imperative to swiftly go-live while upholding stringent risk
controls posed a challenge. With the FICO Platform, GXS has been
able to configure and deploy risk policies with remarkable speed
and precision, utilising advanced analytics, rule design, and flow
orchestration.
For its achievements, GXS Bank won a 2024 FICO® Decisions
Award for Customer Onboarding & Management.
“The ability to architect scalable solutions while maintaining
unprecedented speed is what impressed the judges with GXS Bank,”
said Paul Mah, senior editor at CDO Trends and one of the FICO
Decisions Awards judges. “GXS Bank’s commitment to excellence
and customer satisfaction allowed it to extend credit access to
underserved segments of the population, fostering economic
empowerment and creating opportunities for individuals who may have
previously been excluded from traditional banking services.”
To see the full list of 2024 FICO Decisions Awards winners,
check out: https://www.fico.com/en/decisionsawards.
About GXS
GXS Bank (GXS) is a digital bank with a relentless focus to make
banking better for the everyday consumer and small business. This
includes Singapore’s underserved individuals and businesses.
The Bank aims to improve financial inclusion and to drive
financial revolution for its customers through the secure and
ethical use of technology and data.
GXS holds a banking licence issued by the Monetary Authority of
Singapore.
It is backed by a consortium consisting of Grab Holdings Inc. –
Southeast Asia’s leading super app, and Singtel – Asia’s leading
communications technology group. GXS is a separate entity and is
not associated with the businesses of Grab Holdings, Singtel and
their entities. GXS is also not associated with or related to the
businesses of FICO or its entities.
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organisations that are
achieving remarkable success using FICO solutions. A panel of
independent judges with deep industry expertise evaluates
nominations based upon measurable improvement in key metrics;
demonstrated use of best practices; project scale, depth and
breadth; and innovative uses of technology. The 2024 judges
are:
- Andrew Birmingham, editor, Mi3
- Eric Kavanagh, CEO Bloor Group and host,
InsideAnalysis
- Elizabeth Lumley, deputy editor, The Banker
- Paul Mah, senior editor, CDO Trends
- Laura Martins, editor, IT Forum
- Paul Robinson, VP credit management at Canadian Tire
Bank (previous winner)
- Shiv Sehgal, EVP audience analytics at RSG Media
(previous winner)
- Nick Vitchev, director at Chartis
The winners of the FICO Decisions Awards were spotlighted at and
won tickets to FICO® World 2024, April 15 – April 18,
2024 in San Diego, California
About FICO
FICO (NYSE: FICO) powers decisions that help people and
businesses around the world prosper. Founded in 1956, the company
is a pioneer in the use of predictive analytics and data science to
improve operational decisions. FICO holds more than 200 US and
foreign patents on technologies that increase profitability,
customer satisfaction and growth for businesses in financial
services, insurance, telecommunications, health care, retail and
many other industries. Using FICO solutions, businesses in more
than 100 countries do everything from protecting 4 billion payment
cards from fraud, to improving financial inclusion, to increasing
supply chain resiliency. The FICO® Score, used by 90% of top US
lenders, is the standard measure of consumer credit risk in the US
and has been made available in over 40 other countries, improving
risk management, credit access and transparency.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240529969454/en/
Neil Mirano RICE for FICO +65 3157 5680
neil.mirano@ricecomms.com
Saxon Shirley FICO +65 9171 0965 saxonshirley@fico.com
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