GXS BANK ATTAINS REMARKABLE ONBOARDING EFFICIENCY WITH FICO PLATFORM

SINGAPORE, May 30 (Bernama) -- FICO (NYSE: FICO): GXS Bank (GXS), Singapore’s first digital bank for consumers and businesses, is using the industry-leading capabilities of FICO® Platform to streamline its onboarding process for GXS FlexiLoan, its personal loan product. This has resulted in an onboarding time of under three minutes for the vast majority of approved GXS FlexiLoan applications.

GXS uses FICO Platform to automatically generate credit decisions in milliseconds, executing complex policy rules that utilise traditional and alternative data, to provide loans to a wider pool of consumers without compromising the bank’s credit risk appetite.

GXS leverages user-permission data from its ecosystem partners, Grab and Singtel, to expand credit access to underserved users. Utilizing data from 'super app’ Grab, a dominant force in Southeast Asia akin to Uber in the Americas, and Singtel, a major regional telco, offers valuable insights. This ecosystem data is then layered onto information from conventional sources like credit bureau scores. By integrating these datasets, GXS enhances applicant assessments, providing more accurate evaluations and personalized interest rates.

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