A global provider of financial intelligence Moody’s Analytics recently announced that Standard Bank is deploying the company’s CreditLen solution to digitise and automate its credit processes. The bank will use the solution to automate the main aspects of its credit function, including data ingestion and workflow.
CreditLens is built on the latest cloud technology. Using the solution’s cloud functionality, the bank will be able to provide swift decisions across the field, according to a press release.
Another advantage in deploying the solution is that it gives the bank ‘flexibility’ to use its ‘in-house models for risk ratings’. Because the bank offers extensive financial and banking services across 20 countries in sub-Saharan Africa, Gordon Turnbull, head of credit for business customers at Standard Bank 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.”
Being Africa’s biggest lender by assets, Standard Bank deploying CreditLen will give the solution a competitive advantage in the market. Elaine Wong, head of credit assessment and origination at Moody’s Analytics, said: “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.”