Singapore-based digital bank GXS Bank has used global analytics software FICO’s platform to enhance its customer onboarding process.
The bank now reportedly onboards the majority of its customers in under three minutes, which earned it a 2024 FICO Decisions Award for Customer Onboarding and Management.
GXS Bank Using the FICO platform, we can make rapid credit decisions, often within milliseconds, and issue loans in under three minutes.
By leveraging traditional and alternative data, banks can extend credit to individuals with limited or no credit history.
GXS will leverage user permission data from ecosystem partners superapp Grab and leading regional telco Singtel to expand credit access to underserved users.
Data from this ecosystem will be overlaid on information from traditional sources such as credit bureau scores.
By integrating these data sets, GXS Bank can more accurately evaluate applicants and offer personalized interest rates, making loans available to a wider range of consumers, including those typically overlooked by traditional banks.
The implementation of the FICO platform was reportedly completed in just three months.
This implementation 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.
“The FICO Platform enables us to leverage alternative data and expand our offerings, and its agile infrastructure allows us to iterate quickly while ensuring robust risk controls are in place. GXS FlexiLoan This demonstrates our commitment to pioneering customer-centric solutions in the digital banking space.
It’s amazing that we were able to implement the FICO platform in just three months, considering the traditional timeline for on-premise solutions from other providers is up to a year.”
“GXS Bank is committed to providing the highest level of risk management services to our customers,” said Vaman Sriraman, group chief risk officer, GXS Bank.
Nihil Bale
“The FICO platform plays a vital role in advancing financial inclusion by enabling banks like GXS to leverage alternative data sources and streamline the credit decisioning process.
Additionally, our ability to implement the FICO Platform in just three months is a testament to our commitment to delivering tangible, rapid value to our clients.”
“FICO is committed to providing the highest level of customer service to our customers,” said Nikhil Behl, EVP of Sales and Chief Marketing Officer, FICO.
