Experian and Standard Chartered to Bolster Credit Decisioning With Machine Learningby Fintech News Singapore October 15, 2020
Experian, a consumer financial data service provider, has partnered with Standard Chartered to drive financial access across key markets in Asia, Africa and the Middle East by leveraging the “latest technology innovation” in credit decisioning.
Without enough credit bureau data for financial institutions to determine their creditworthiness, especially in this time of unprecedented volatility, many underbanked communities are facing difficulties securing access to loans.
The collaboration involves Experian‘s global decisioning solution, PowerCurve® Strategy Manager, integrated with machine learning capabilities that will enable deployment of advanced analytics to help organisations make the most of their data.
This machine learning capability is said to provide Standard Chartered with the ability to ingest and analyse a high volume of non-bank or, with client consent, alternative data.
It claims to enable faster, more effective and accurate credit decisioning, resulting in better risk management for the bank and better outcomes from clients.
Launched in India in December 2019, Standard Chartered said they had registered positive business outcomes such as increased acceptance rates and reduced overall delinquencies.
Beyond benefits to consumers, access to credit is vital for overall economic growth, with consumer spending helping businesses continue to operate during these difficult times.
“Our long-standing collaboration with Standard Chartered across our PowerCurve® decisioning suite of solutions, leveraging machine learning and big data to advance to the next generation of credit decisioning, is focused on empowering these underbanked communities to access credit,”
said Mohan Jayaraman, Managing Director, Southeast Asia & Regional Innovation, Experian Asia Pacific.
“We’re committed to supporting sustainable social and economic development through our business, operations and communities. This partnership helps the bank manage risk more effectively with a more robust data-driven credit decisioning which in turn enables more clients to gain access to financial services at a time when they need it the most,”
said Vishu Ramachandran, Group Head, Retail Banking, Standard Chartered.
Experian and Standard Chartered are working on plans to deploy the solution to its retail franchise across Asia, Africa and the Middle East, in addition to India.
Featured image credit: Edited from Unsplash