Vietnam Maritime Bank (MSB) has halved its loan turnaround time from 30 minutes to 15 minutes after deploying automated credit decisioning technology from FICO and regional partner Blitz.
The bank integrated artificial intelligence and machine learning models with rule-based criteria to standardise its credit assessment process.
The deployment, completed in 10 months, aims to reduce manual errors while helping the lender launch digital credit products faster.
“The bank can now approve loans with a level of speed and accuracy that was previously unattainable,”
said Nguyen Quang Man, Deputy Chief Risk Officer at MSB.
“The ability to adapt quickly as market conditions evolve gives MSB a real competitive edge.”
The automated system assesses every loan application using consistent risk parameters, regardless of the product type or application channel.
This creates a more scalable framework for an institution managing 260 branches, a workforce of over 7,000 people, more than eight million retail customers, and nearly 100,000 corporate clients.
MSB is now looking to apply the same technology to its customer management and debt collection operations.
“MSB set out to solve a real business problem: how do you grow your lending book and serve customers faster without compromising on risk?”
said Timothy Choon, Senior Director of ASEAN North at FICO.
Featured image credit: Edited by Fintech News Singapore, based on image by digitizesc via Magnific
