Australian fintech RDC partners with major US bank M&T

Australian-founded fintech company Rich Data Co has announced a significant milestone by signing its first customer in the United States, M&T Bank Corporation.

M&T, which stands as the sixth-largest commercial bank in North America and ranks among the top 20 banks in the United States, will be incorporating RDC’s AI decisioning platform into its operations. This partnership marks RDC's entry into the US market and reflects a growing trend among global and regional lenders adopting AI technologies for improved decision-making processes and customer experiences.

RDC's explainable AI solution is designed to provide banks with comprehensive insights into various aspects of financial health, including cash flow, credit risk, and lending opportunities at both individual and portfolio levels. For M&T, this advanced technology is expected to enhance risk management and lending strategies significantly by detecting early warning signs and providing additional insights throughout the customer relationship lifecycle.

This agreement was facilitated through RDC's collaboration with reseller partner nCino, a pioneer in cloud banking listed on NASDAQ. nCino's Continuous Credit Monitoring solution incorporates RDC's AI decisioning platform to bring greater transparency and compliance to credit decisions. The mutual benefits of this collaboration further establish RDC as a key player in the transformation of business and commercial lending sectors.

Ada Guan, CEO and Co-founder of RDC, expressed enthusiasm about the partnership, noting the company's humble beginnings as an Australian startup. She remarked, “From our humble beginnings as an Australian startup to now partnering with global institutions, we’re excited to establish our presence in the North American market with M&T, an innovative and forward-thinking leader.” Guan also highlighted the transformative power of AI in business and commercial lending, emphasising the ongoing global trend within the financial services sector.

The banking sector has witnessed significant advancements due to AI initiatives. According to industry reports, 32 percent of financial services providers are currently utilising AI for predictive analysis, voice recognition, and other applications. In the Australia and New Zealand region, RDC's AI platform is already assisting banks in assessing creditworthiness outside traditional credit models, thereby broadening their business lending capabilities.

RDC, founded in 2016, has grown organically within Australia and New Zealand. It has helped banks make safer, more efficient, and high-quality lending decisions. The Australian fintech sector has seen substantial growth over the past five years, becoming one of the world’s fastest-growing sectors. RDC is among the 50 percent of Australian fintechs generating revenue from overseas projects since its inception. This expansion was bolstered by a successful AU$28 million Series B funding round last year, which aimed to support global growth, particularly in the North American market.

Currently, RDC employs over 70 individuals globally, with a growing presence in North America to lead this expansion. The company’s partnerships and technological innovations demonstrate its commitment to enhancing financial services through the effective use of AI.

As the global financial landscape continues to evolve, RDC's partnership with M&T Bank Corporation signals a significant step forward in AI-driven financial services, setting a precedent for future collaborations and advancements. By leveraging cutting-edge technology, the firm is poised to offer enhanced decision-making capabilities and improved customer experiences, underscoring the broader impact of AI in transforming the financial sector.