Australia-based bank Westpac has partnered with AI company Rich Data Co (RDC) to improve the lending experience for business customers and bankers, according to Australian FinTech . The partnership seeks to improve B2b lending by leveraging data insights and artificial intelligence.

The capabilities introduced by the collaboration between the two companies include a digital application process, smarter technology that reportedly enables faster decisions for borrowers, and an expanded cash flow offering that allows complex businesses access to flexible, unsecured funding, the publication states. The new solutions came as a result of the new partnership set between Westpac and artificial intelligence (AI) company Rich Data Co (RDC), whose analytics capability will reportedly allow predictive data features to improve the lending experience and better support Westpac customers. According to Westpac’s Managing Director of Business Lending, the bank wishes to improve the decisioning process for customers and the customer experience overall.

The partnership allows the bank to reportedly gain a better understanding of its customers, which can help it provide better insights and support when these are needed. Westpac’s executive also foreshadowed that the bank’s customers will gain ‘tangible benefits’ which include a two-sided digital finance application form. This service allows both customers and bankers to jointly work on an application for a reportedly faster experience.

The Business Lending lead concluded by stating that AI integration into Westpac’s decision-making process for business lending will reportedly improve the bank’s lending practices for customers by bettering Westpac’s existing platforms and decisioning process. Rich Data Co’s service and platform will try to allow Westpac to improve its analytical data, which may lead to improving and simplifying the processes tied into the bank’s lending system. As stated by RDC’s Chief Executive Officer and Co-Founder, Rich Data Co’s platform will allow Westpac to have a greater understanding of its customers for both lending needs and credit risk management.

Westpac recent developments In August 2022, Buy Now, Pay Later company Afterpay decided to cancel the personal finance app Money by Afterpay thus ending its collaboration with Westpac Banking Corp. At the end of July 2022, Westpac announced the next steps in becoming a digital-first bank and transforming the products and services offered to customers, including digital mortgages. In mid-July 2022, Westpac, alongside NAB and ANZ, enabled dynamic card verification value (CVV) functionality to combat online payment fraud and boost digital consumer protections.

In June 2022, the bank announced a new technology which will allow SMEs to accept payments via compatible Android phones. .