EXL, Corridor and Oliver Wyman partner up for risk decisioning product

Data analytics and digital operations solutions provider EXL, workflow automation platform Corridor Platforms, and global management consultancy Oliver Wyman have teamed up to develop a new risk decisioning solution for financial institutions.

EXL partners with Corridor Platforms and Oliver Wyman for new offering

The firms say that the new solution leverages analytics, AI, and the cloud to deliver “instant” credit decisions necessary to support digital lending initiatives such as point-of-sale (POS) financing, digital loans, mortgage approvals, and real-time credit limit changes.

Calling it a “decisioning-as-a-service” offering, the firms add that it can enable banks and credit unions to “become competitive immediately” versus other lenders.

“As digital lending products have proliferated, the customer expectation for instant approval on everything from a buy now, pay later (BNPL) offer to an online mortgage application has put enormous pressure on lenders to automate their credit risk decisioning processes,” says Ash Gupta, chairman of Corridor Platforms and former chief risk officer at American Express.

The new product captures a range of traditional risk measures, including credit scores, purchase and payment histories, and bank statement data, and also features real-time fraud screening and risk rating tools based on data gathered from every new transaction.

Vikram Pandit, chairman of EXL and former CEO of Citigroup, says that regional banks and credit unions are dealing with acceptance rates that have fallen “sharply” in recent months.

“To be relevant, banks need to transform their data/analytics infrastructure and uplift modeling talent quickly,” Pandit adds.

Both EXL and Oliver Wyman have a long history of working together with Corridor, with both companies holding a minority stake in the firm.