M&T Bank Taps Rich Data Co for AI Decisioning Platform

Rich Data Co. (RDC) has taken another step in the global expansion of its artificial intelligence (AI) decisioning platform for business and commercial lenders.

The company has signed its first customer in the United States, M&T Bank Corp., RDC said in a press release emailed to PYMNTS.

“This partnership demonstrates the transformative power of AI in business and commercial lending and the global trend of AI shaping the financial services sector,” Ada Guan, CEO and co-founder of RDC, said in the release.

M&T, which is the sixth largest commercial bank in North America, will use the RDC AI platform to gain more comprehensive insights into cash flow health, credit risk and lending opportunities, according to the release.

The bank will also use the platform to help detect early warning signs, access additional insights when making decisions during the customer relationship lifecycle, and enhance its risk management and lending strategies, the release said.

RDC’s collaboration with its reseller partner, cloud banking firm nCino, facilitated the deal, as that company’s Continuous Credit Monitoring solution leverages the RDC platform, per the release.

“We’re focused on continuing our expansion and bringing our innovative solutions to more financial institutions in partnership with nCino,” Guan said in the release.

NCino announced its value-added reseller agreement with Rich Data Co. in February 2023, saying the AI decisioning platform would enhance the lending process for its customers.

The companies said at the time that the partnership would “equip financial institutions with deeper insights into their clients’ business and improve, streamline and further automate workflow and monitoring,” creating significant value and efficiencies in small business and commercial lending.

Traditional approaches to small and medium-sized business (SMB) lending are undergoing a shift driven by the emergence of AI-driven decision frameworks, PYMNTS reported in January.

By replacing subjective evaluations with a data-driven paradigm in the lending landscape, new digital lending and financing products are enabling savvy traditional financial institutions to democratize access working capital.

PYMNTS Intelligence has found that generative AI is enhancing both risk models and consumer interactions. The technology’s applications range from personalized customer services to anti-money laundering (AML) programs, according to “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service,” a PYMNTS Intelligence and AI-ID collaboration.