ExlService: Former Citi CEO, Former Amex Chief Risk Officer Behind New Risk Management Software – American Banker

A former CEO of Citigroup and former Chief Risk Officer of American Express is part of the team behind a new risk decision platform intended to level the playing field in digital lending.

On Tuesday, data analytics and digital operations and solutions company EXL, business intelligence automation software provider Corridor Platforms and management consultancy Oliver Wyman announced that they are jointly offering software and risk decision-making services for financial institutions. The goal is to help mid-sized and regional institutions in particular compete with large companies that apply sophisticated technology to point-of-sale financing, digital lending, mortgage approvals and credit limit changes in real time.

The product is ready for deployment in small to medium-sized banks and credit unions. The team said in a press release that it will use external and internal data sources to make real-time decisions while letting the bank’s client retain control of compliance and governance. The types of data to collect and analyze will depend on the situation. For more complex scenarios, such as point-of-sale financing and buy now/pay later, the product can combine bank data, cash flow information, and merchant-specific data, such as payment history. customer purchases.

“As digital lending products have proliferated, customers’ expectation for instant approval on everything from a buy-it-now/pay-later offer to an online mortgage application has put tremendous pressure on lenders to automate their credit risk decision-making processes,” said Ash Gupta, president of Corridor. Platforms and former Chief Risk Officer of American Express, said in the press release.

Gupta is recognized as a pioneer of credit card activation.

“We are bringing together… leading experts in technology, analytics and governance to create a solution that will make lenders competitive quickly, while transferring essential know-how to become self-sufficient in the long term”, Vikram Pandit, president of EXL and former CEO of Citigroupsaid in the statement.

Gupta, Pandit and Til Schuermann, co-heads of Oliver Wyman’s finance, risk and public policy practice, are all driven by “the desire to enable the transfer of knowledge from industry experts to community institutions” , Manish Gupta, founder and CEO of Corridor, said via email. “Each will bring their respective expertise in banking, risk management and governance to achieve this.”

The three companies want their product to serve banks of all sizes, but say it will be particularly appealing to those who don’t have the budgets to invest in data technologies or attract skilled talent in artificial intelligence and machine learning. automatique. The platform is designed to be implemented quickly and by a small team, while the volume-based pricing model means the cost will align with heavy use of the platform.

Sara R. Cicero