Business
EXL, Oliver Wyman and Corridor Platforms team up to launch real-time risk decisioning solution for financial institutions
Risk Decisioning-as-a-Service offering enables turnkey digital lending programs for mid-size banks, credit unions and credit card providers NEW YORK, July 19,
About this update from Exlservice Holdings, Inc.
[{"type":"text","content":"Risk Decisioning-as-a-Service offering enables turnkey digital lending programs for mid-size banks, credit unions and credit card providers\nNEW YORK, July 19, 2022 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a leading data analytics and digital operations and solutions, Corridor Platforms, a leading decision workflow automation platform, and Oliver Wyman, a premier global management consultancy, today announced a joint venture to develop a risk decisioning-as-a-service solution for financial institutions. The breakthrough new solution leverages advanced analytics, AI and the cloud to deliver instant credit decisions necessary to support digital lending initiatives such as point-of-sale financing, digital loans, mortgage approvals and real-time credit limit changes. The rapid-fire growth of digital lending has put mid-sized and regional banks at a significant disadvantage versus national players with the tech infrastructure in place to support real-time decisioning. With this new decisioning-as-a-service solution, banks and credit unions of every type will now be able to take advantage of a hosted advanced decisioning cloud populated with external and internal data sources and a dedicated team of industry experts, while maintaining full control of compliance and governance. This will enable them to become competitive immediately versus the most advanced lenders. “As digital lending products have proliferated, the customer expectation for instant approval on everything from a buy now, pay later offer to an online mortgage application has put enormous pressure on lenders to automate their credit risk decisioning processes,” said Ash Gupta, Chairman of Corridor Platforms and former Chief Risk Officer of American Express. “While speed is clearly the goal, it cannot come at the expense of robust risk controls. With our risk decisioning as a service solution, we’re giving lenders a turnkey solution to deliver real-time credit decisions with the risk governance necessary to meet their fiduciary requirements.” Smaller banks have found it prohibitively expensive to invest in big data technologies and attract top AI/ML talent to complete effectively. Some banks have started using generic vendor scores for decisioning, but as most products become digital, this strategy could leave them at a permanent competitive disadvantage versus real-time, ...