GXS Bank, a digital bank in Singapore, has enhanced its customer onboarding process using global analytics software FICO’s platform.
The bank now reportedly onboards the majority of its customers in under three minutes. This earned it the 2024 FICO Decisions Award for Customer Onboarding & Management.
GXS Bank uses the FICO Platform to make quick credit decisions, often within milliseconds, allowing it to issue loans in under three minutes.
By utilising traditional and alternative data, the bank can extend credit to individuals with limited or no credit history.
GXS leverages user-permission data from its ecosystem partners, superapp Grab and major regional telco Singtel, to expand credit access to underserved users.
This ecosystem data is then layered onto information from conventional sources like credit bureau scores.
Integrating these datasets has allowed GXS Bank to assess applicants more accurately and offer personalised interest rates, providing loans to a wider range of consumers, including those typically overlooked by traditional banks.
The implementation of the FICO Platform was said to have been completed in just three months.
This deployment sets the stage for further innovation and growth, with plans to extend the platform’s capabilities to upcoming credit products in Singapore, Malaysia, and Indonesia.
“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. Introducing GXS FlexiLoan exemplifies our commitment to pioneering customer-centric solutions in the digital banking realm.
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.”
said Vaman Sriraman, Group Chief Risk Officer at GXS Bank.
“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.
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.”
said Nikhil Behl, EVP of Sales and Chief Marketing Officer at FICO.
