FinbotsAI, an Accel-backed Singapore headquartered B2B SaaS fintech, has expanded its client base across 11 countries with its latest signing: KBZ Bank.
Recognised by the World Business Outlook as the Best Bank in Myanmar, KBZ Bank has over 500 branches and represents around 40 per cent of both retail and commercial banking customers in Myanmar. Additionally, KBZ Bank has been driving financial inclusion through technology innovation, launching KBZPay in 2018, which is now Myanmar’s fastest-growing mobile wallet with over 15 million customers to date.
With this move, KBZ Bank will help accelerate the adoption of AI-led credit risk management in Myanmar. A part of the bank’s strategy is to embrace next-generation banking technology to strengthen communities and institutions that improve the quality of life for all.
Integrating CreditX
With CreditX, FinbotsAI’s AI-powered credit scoring platform, KBZ Bank will be able to assess the creditworthiness of applicants across retail and SME products. It will be able to do so with higher accuracy and efficiency. Consequently, this will enable quicker scaling of both current and new lending segments and products.
The collaboration will enable real-time, paperless loan assessments. reduce the scorecard development and deployment time to less than a week. This will result in lower credit risks, higher approval rates and greater operational efficiency for the bank’s lending business.
KBZ Bank conducted an extensive evaluation of solution providers, selecting CreditX for its accuracy, predicted time to value and speed of scorecard development.
“As Myanmar’s largest private bank, we understand the significance of embracing cutting-edge technologies to deliver the best customer experience. FinbotsAI has a transformative solution that will strengthen our credit risk management and enhance our operational efficiency and agility,” said Soe Ko Ko, deputy managing director of KBZ Bank.
Sanjay Uppal, founder and CEO of finbots.ai added: “We are proud to partner with KBZ Bank and I am confident that CreditX will enable them to profitably grow their lending business while proactively managing risk. CreditX is the only AI-powered scorecard development and credit decisioning solution in the world. It is fast becoming a preferred option across markets for banks and fintech lenders across retail & SME lending products.”
On average, CreditX has helped lenders improve approval rates by 20 per cent, reducing risk by 15 per cent, and reducing credit risk operating costs by over 50 per cent.
