Experian partners with Standard Chartered to drive Financial Inclusion with Machine Learning, powering the next generation of Decisioning

Experian partners with Standard Chartered to drive Financial Inclusion with Machine Learning, powering the next generation of Decisioning
  • Leveraging innovation in technology to provide access to credit during uncertain times to populations underserved by formal financial services.
  • This social impact was made possible by the Bank's digital first strategy and Experian’s best-in-class decisioning platform. Experian’s software enables the Bank to analyse a high volume of alternative data and execute machine learning models for better decision-making and risk management.
  • Since the first pilot implementation in India in December 2019, the Bank saw an improvement in approvals by increasing overall acceptance rates using big data and artificial intelligence. This enhanced risk management capabilities to test and learn, helping to expand access to crucial credit and financial services.
  • The Bank and Experian are committed to financial inclusion, with plans for rollouts across 6 more markets across Asia, Africa and the Middle East.

 

JAKARTA, 15 October 2020 - Experian – a leading global information services company – has announced a partnership with leading international banking group Standard Chartered to drive financial access across key markets in Asia, Africa and the Middle East by leveraging the latest technology innovation in credit decisioning. Without enough credit bureau data for financial institutions to determine their credit worthiness, especially in this time of unprecedented volatility, many underbanked communities are facing difficulties securing access to loans.

 

The collaboration involves Experian’s leading global decisioning solution, PowerCurve® Strategy Management, integrated with machine learning capabilities that will enable deployment of advanced analytics to help organisations make the most of their data. In support of Standard Chartered’s digital-first transformation strategy, this state-of-the-art machine learning capability provides the Bank with the ability to ingest and analyse a high volume of non-Bank or, with client consent, alternative data, enabling faster, more effective and accurate credit decisioning, resulting in better risk management for the Bank and better outcomes from clients.

 

Launched in India in December 2019, Standard Chartered registered positive business outcomes such as increased acceptance rates and reduced overall delinquencies. The success in India meant that Standard Chartered is now able to improve risk management for more clients who previously would have been underbanked, empowering them with access to crucial credit and financial services in their time of need.

 

Beyond benefits to consumers, access to credit is vital for overall economic growth, with consumer spending helping businesses continue to operate during these difficult times.

 

“Social and economic growth in developing markets, especially in the coming period, will be driven by progress in financial inclusion. Experian strongly believes that a technology, advanced analytics and data-driven approach can address this opportunity and we remain deeply committed to the vision of progressing financial inclusion for the world’s underserved and underbanked population. Our long-standing collaboration with Standard Chartered across our PowerCurve® decisioning suite of solutions, leveraging machine learning and big data to advance to the next generation of credit decisioning, is focused on empowering these underbanked communities to access credit,” said Mohan Jayaraman, Managing Director, Southeast Asia & Regional Innovation, Experian Asia Pacific.

 

Reaffirming a commitment towards financial inclusion, Experian and Standard Chartered are working on plans to deploy the solution to its retail franchise across Asia, Africa and the Middle East, in addition to India.

 

“We’re committed to supporting sustainable social and economic development through our business, operations and communities. This partnership helps the Bank manage risk more effectively with a more robust data-driven credit decisioning which in turn enables more clients to gain access to financial services at a time when they need it the most,” said Vishu Ramachandran, Group Head, Retail Banking, Standard Chartered.

 

“Partnerships are central to our digital banking strategy and how we better serve our clients. Experian was a natural choice as a partner given their strong track record in innovation and in driving financial inclusion,” said Aalishaan Zaidi, Global Head, Client Experience, Channels & Digital Banking, Standard Chartered.

 

For more information, please visit Experian’s Decisioning & Credit Risk Management solution.

 

 

 

Experian bermitra dengan Standard Chartered untuk meningkatkan Inklusi Keuangan lewat Machine Learning, mendukung fitur Pengambilan Keputusan generasi baru
  • Mengandalkan inovasi teknologi guna menyediakan akses kredit di tengah waktu yang tak menentu bagi penduduk yang belum terjangkau layanan keuangan resmi
  • Dampak sosial terwujud berkat strategi Standard Chartered yang mengutamakan teknologi digital ("digital-first") dan platform pemngambilan keputusan ("decisioning") yang terbaik dari Experian. Perangkat lunak Experian membantu Standard Chartered untuk menganalisis data alternatif dalam jumlah besar, serta melaksanakan model "machine learning" demi pengambilan keputusan dan manajemen risiko yang lebih baik.
  • Sejak proyek uji coba dilaksanakan di India pada Desember 2019, persetujuan kredit Standard Chartered berjalan lebih baik. Hal ini terlihat dari peningkatan penyaluran kredit secara keseluruhan berkat "big data" dan kecerdasan buatan. Fitur-fitur pengelolaan risiko yang lebih baik, khususnya dalam menguji dan mempelajari data, ikut memperluas akses terhadap layanan kredit dan keuangan.
  • Standard Chartered dan Experian berkomitmen terhadap inklusi keuangan, dan berencana untuk meluncurkan fitur-fitur ini ke enam negara lain di Asia, Afrika, serta Timur Tengah.

JAKARTA, 15 Oktober 2020 /PRNewswire/ -- Experian—pemimpin industri layanan informasi yang terkemuka di dunia— telah menjalin kemitraan dengan grup perbankan internasional yang terkemuka Standard Chartered. Kemitraan ini ingin memperluas akses keuangan di negara-negara di Asia, Afrika, dan Timur Tengah. Langkah tersebut ditempuh dengan memanfaatkan inovasi teknologi terbaru dalam persetujuan kredit (credit decisioning). Berbagai lembaga keuangan tidak didukung oleh data yang memadai dari biro kredit ketika menilai kelayakan kredit (credit worthiness), khususnya di tengah gejolak yang luar biasa ini. Banyak komunitas yang belum terjangkau layanan keuangan kesulitan memperoleh pinjaman. 

 

Kolaborasi ini melibatkan solusi persetujuan kredit Experian yang terkemuka di dunia, PowerCurve® Strategy Management, serta fitur machine learning yang mutakhir. Dengan demikian, solusi tersebut mewujudkan analisis mutakhir yang membantu perusahaan dalam memanfaatkan data. Demi mendukung strategi transformasi Standard Chartered yang mengutamakan teknologi digital (digital-first), fitur machine learning yang mutakhir membantu Standard Chartered untuk mengolah dan mengkaji data nonbank dalam jumlah besar, atas izin nasabah, atau data alternatif. Dengan demikian, persetujuan kredit berjalan lebih efektif dan akurat, sementara, manajemen risiko Standard Chartered berlangsung lebih piawai. Hasilnya, nasabah memperoleh hasil yang lebih baik.

 

Sejak solusi ini digunakan di India pada Desember 2019, Standard Chartered memperoleh kinerja bisnis yang lebih baik, seperti tingkat persetujuan kredit yang lebih tinggi, serta tingkat gagal bayar yang lebih rendah. Keberhasilan di India telah membantu Standard Chartered untuk membenahi manajemen risiko bagi lebih banyak nasabah yang sebelumnya tak terjangkau layanan keuangan. Nasabah tersebut juga terbantu untuk memperoleh akses layanan kredit dan finansial yang sangat dibutuhkan.

 

Di luar manfaat yang diperoleh nasabah, akses terhadap kredit berperan vital bagi pertumbuhan ekonomi, sementara, tingkat belanja konsumen mendorong kemampuan berbagai perusahaan untuk bertahan di tengah momen yang sulit ini.

 

"Pertumbuhan sosial dan ekonomi di negara-negara berkembang, khususnya di masa mendatang, akan digerakkan oleh perkembangan inklusi finansial. Experian sangat optimis bahwa teknologi, analisis mutakhir, serta pendekatan yang berorientasi data dapat memanfaatkan peluang tersebut. Kami selalu berkomitmen terhadap visi untuk memperluas inklusi keuangan di kalangan penduduk yang belum terlayani atau terjangkau jasa perbankan. Kolaborasi jangka panjang kami dengan Standard Chartered melibatkan solusi-solusi persetujuan kredit PowerCurve®, machine learning dan big data guna mengembangkan fitur persetujuan kredit generasi baru. Kolaborasi tersebut juga ingin memberdayakan komunitas yang belum terlayani jasa perbankan," ujar Mohan Jayaraman, Managing DirectorSoutheast Asia & Regional Innovation, Experian Asia Pacific.

 

Mempertegas komitmen terhadap inklusi keuangan, Experian dan Standard Chartered berencana untuk meluncurkan solusi ini ke jaringan bank milik Standard Chartered di Asia, Afrika, dan Timur Tengah, selain India.

 

"Kami berkomitmen untuk mendukung pembangunan sosial dan ekonomi yang berkelanjutan lewat bisnis, aktivitas operasional, serta komunitas. Kemitraan ini membantu Standard Chartered dalam mengelola risiko secara lebih efektit melalui persetujuan kredit berbasiskan data yang lebih piawai. Dengan demikian, semakin banyak nasabah yang mampu memperoleh akses terhadap jasa keuangan yang sangat dibutuhkan," kata Vishu Ramachandran, Group HeadRetail Banking, Standard Chartered.

 

"Kemitraan ini sangat penting bagi strategi perbankan digital kami, dan upaya kami untuk melayani nasabah dengan lebih baik. Experian jelas menjadi mitra pilihan kami berkat rekam jejaknya yang baik dalam inovasi, dan mendorong perluasan inklusi keuangan," jelas Aalishaan Zaidi, Global HeadClient ExperienceChannels & Digital Banking, Standard Chartered.

 

Untuk informasi lebih lanjut, silakan mengunjungi solusi Persetujuan Kredit & Manajemen Risiko Kredit dari Experian.

Read full article

Experian

By Experian 10/15/2020

Related Articles

Experian partners with Standard Chartered to drive Financial Inclusion with Machine Learning, powering the next generation of Decisioning
Experian Asia Pacific Appoints Mohan Jayaraman as Managing Director Southeast Asia & Regional Innovation

JAKARTA, 02 September 2020 - Experian Asia Pacific today announced the appointment of Mohan Jayaraman as its Managing Director for Southeast Asia and Regional Innovation. Mohan will provide leadership for…

Learn more
Experian partners with Standard Chartered to drive Financial Inclusion with Machine Learning, powering the next generation of Decisioning
Experian full-year results FY20

7am, 20 May 2020 ─ Experian plc, the global information services company, today issues its financial report for the year ended 31 March 2020.

Learn more
Experian partners with Standard Chartered to drive Financial Inclusion with Machine Learning, powering the next generation of Decisioning
In Collaboration with Leading Telcos, Experian Helps Thousands of COVID-19 impacted Consumers in Asia to Stay Connected

Experian is working with existing telco partners across Asian markets to allow them to rapidly provide assistance to their subscribers to minimize financial or movement control impacts of the COVID–19…

Learn more