Endava, a leading technology services company combining world-class engineering, industry expertise, and a people-centric mindset, has announced its partnership with Finexos, an AI-powered credit risk and analytics platform.

The partnership aims to leverage Finexos’ state-of-the-art credit risk engine to enhance credit decisioning processes, significantly increasing the accuracy of suitability and affordability calculations for banks and lenders. This collaboration will enable more borrowers to access affordable credit while reducing non-performing loans and improving capital allocation.

Endava, with over 20 years of industry expertise, helps financial institutions position their products and services at the forefront of innovation. Through world-class engineering, Endava supports customers in meeting the demands of responsible lending.

Finexos offers a unique methodology to improve credit decisioning, making it possible for larger volumes of borrowers to access affordable credit. Their advanced AI-powered software helps reduce default risks and improve capital allocation for lenders.

The collaboration allows Endava to integrate Finexos’ AI credit decisioning software into their services, helping financial institutions provide responsible lending solutions. This integration aims to increase accessibility for a broader range of customers and provide a more accurate assessment of borrower risk.

Finexos’ cost-effective data science SaaS platform enriches data analysis, speeds up decisions for borrowers, and reduces costs for lenders. The platform operates without geographical constraints, works within institutions’ firewalls, and ensures data security by not accepting or requiring personally identifiable information (PII).

Endava’s head of alliances and partnerships Lewis Brown said, “The addition of Finexos strengthens Endava’s banking ecosystem with new and existing AI-based software and also brings to our clients new tools that fuel growth and react to new and future regulatory requirements.”

Matthew Williamson, SVP & industry principal at Endava, mentioned, “At Endava, we are delighted to announce our partnership with Finexos, demonstrating our ongoing commitment to financial inclusion. This relationship authentically aligns with our core values, using technology and democratising access to financial instruments. Giving individuals and communities the ability to access fair, consistent next-gen real-time credit scoring. Empowering economic growth and stimulus.”

Source: fintech.global

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Ethiopia’s Cooperative Bank of Oromia has signed a new five-year strategic agreement with Mastercard as it looks to boost digital and financial inclusion across the country.

Through the partnership, the bank has launched its Coopbank Prepaid Mastercard offering designed specifically to enable international travellers from Ethiopia to complete global purchases online through e-commerce sites and digital platforms.

Card transactions will be supported by a dedicated mobile app that will offer “efficient card management capabilities”, Mastercard says.

Additionally, the Addis Ababa-based bank will also deploy Mastercard’s Community Pass technology, which functions as an “interoperable digital platform facilitating service delivery for marginalised individuals and communities”, according to Mastercard’s website.

More specifically, the bank will leverage the Farm Pass digital service contained within the platform to provide the country’s farmers and agricultural cooperatives with an agriculture marketplace and additional financial services that function even in offline environments.

Cooperative Bank of Oromia says it has already extended the Farm Pass to over 11,000 farmers in Ethiopia, including 16 farmer primary cooperatives and four cooperative unions, and has so far used the service to facilitate over 9,200 transactions between smallholder farmers and primary cooperatives with a total transaction volume of $1.4 million.

The bank adds through a statement that it plans to scale the service within the value chains of coffee, barley, wheat and poultry.

Deribie Asfaw, CEO of Cooperative Bank of Oromia, says the agreement with Mastercard seeks to “address the unique needs of our customers from farmers to consumers and businesses, empowering them to thrive and contribute to the economy”.

He adds that this agreement will deliver “secure and adaptable financial tools” to end consumers.

As part of its digital transformation efforts, the bank also launched CoopApp and CoopApp Alhuda through Temenos in March. Temenos’ T24 core banking engine has been powering the bank since 2017.

Source: fintechfutures.com

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Glia, a pioneering force in customer interaction technology, has unveiled the first-ever responsible AI platform purpose built for financial institutions.

The offering, known as Glia Cortex, will enable financial institutions to harness the power of AI in a secure and responsible manner, revolutionising customer service and contact centre operations.

The impetus behind the development of Glia Cortex stems from the increasing demand within the financial industry for AI-driven solutions to modernise and streamline contact centre operations. However, concerns around data privacy, security, and potential risks associated with AI adoption have hindered progress in this area.

Glia is renowned for its Unified Interaction Management platform, which offers comprehensive solutions for customer engagement across various channels.

Glia Cortex represents a significant leap forward, empowering financial institutions to integrate AI seamlessly into their existing workflows while maintaining stringent safeguards for data privacy and security.

At the heart of the product are three key components: Customer AI, Agent AI, and Manager AI.

These components automate and elevate customer interactions, enhance agent productivity, and provide managers with deeper insights for better team performance and service improvements.

Service 1st Federal Credit Union has already partnered with Glia to implement Glia Cortex in their contact centre operations. Sarah Zinga, AVP of Digital Services for the credit union, attested to the benefits, stating, ““How do I improve my credit score? What is my current balance? With Glia, we have been able to leverage AI to help us automate these simple calls and free up our agents’ time for when the human touch is really needed, and ultimately provide the best member experience for what our Service 1st members expect.”

This launch underscores Glia’s commitment to innovation in the financial services industry, following recent advancements such as Unified Interaction Management and generative AI solutions.

Jay Choi, CPO for Glia, explained, “Financial institutions are looking to AI to modernise and create efficiencies in their contact centres, however they have been rightfully cautious as significant questions around safety, privacy, and business and reputational risks associated with adopting AI remain. Glia Cortex unleashes the benefits of AI and generative AI while maintaining proper, steady guardrails to keep data private and secure. We’ve made it possible to deploy AI without introducing risk, providing responsible technology that institutions and their customers can trust.”

Source: fintech.global

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