Ryt Bank, claimed to be the world’s first AI-powered bank, has teamed up with Provenir, a provider of AI risk decisioning software.

The Malaysian bank has chosen Provenir AI Decisioning Platform to facilitate quicker credit assessments and tailor customer offers for its consumer lending services.

As a newly licenced digital bank, Ryt Bank sought to rapidly introduce a consumer lending product that reflects its AI-centric strategy.

The bank faced the challenge of establishing a decision-making framework that could deliver immediate, customised loan approvals while adhering to regulatory requirements and risk management protocols.

The tech vendor said that its platform will help the bank benefit from real-time credit risk evaluations, enabling instant loan approvals and personalised loan offers derived from AI-based customer profiling.

Additionally, Provenir will assist in automating compliance checks to ensure regulatory adherence and provide learning models to respond to evolving market conditions.

This partnership is expected to enhance decision-making speed and accuracy, thereby improving the overall customer experience.

Provenir APAC head Kavinesswaran Karthigasan said: “Ryt Bank is taking digital banking to a new level with its AI-first approach and we are excited to be a part of its journey.

“Our AI Decisioning Platform will provide the foundation for Ryt Bank to help reach its business goals via AI-driven decisioning that meets customer expectations for near instant approvals and highly personalised digital interactions.”

In April this year, Atom Bank in the UK selected Provenir’s AI Decisioning Platform to improve credit risk decision-making and data orchestration for its consumer and business banking services.