South Africa-based Standard Bank Group has collaborated with Moody’s Analytics to digitise and automate credit processes.
The lender will utilise the Moody’s Analytics CreditLens solution, a cloud-based platform, to make faster and better-informed credit decisions.
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The solution will automate key components of the bank’s credit function such as data ingestion and workflow.
Additionally, using CreditLens solution will allow Standard Bank to provide quick credit decision services.
Moody’s Analytics Credit Assessment and Origination head Elaine Wong said: “We are delighted to help Standard Bank Group transform their credit infrastructure with modern architecture and cloud technology.
“As Africa’s largest bank and a standard-setter in financial innovation, Standard Bank Group is particularly poised to benefit from the flexibility and configurability of the CreditLens platform in supporting a faster, better decision process.”
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By GlobalDataHeadquartered in Johannesburg, Standard Bank had around $148bn in assets as of 31 December 2018.
The lender offers a range of banking and related financial services across 20 countries in Africa.
Standard Bank Group head of Credit for Business Customers Gordon Turnbull said: “It was becoming less and less efficient to have our systems on premise across so many segments and regions, so the idea that the CreditLens platform will always be up to date with product enhancements pushed through the cloud is extremely appealing to us.
“It is also critical that our chosen solution gives us the flexibility to use our own in-house models for risk ratings, which the Moody’s Analytics product does.”
Last month, Standard Bank announced that it will close 91 branches by first half of this year.
