GXS Bank's Efficient Onboarding with FICO Platform

Driving Economic Empowerment with Digital Banking Solutions

GXS Bank, Singapore’s first digital bank for consumers and businesses, is using the industry-leading capabilities of FICO® Platform to streamline its onboarding process for GXS FlexiLoan, its personal loan product. This has resulted in an onboarding time of under three minutes for the vast majority of approved GXS FlexiLoan applications. 

GXS uses FICO Platform to automatically generate credit decisions in milliseconds, executing complex policy rules that utilise traditional and alternative data, to provide loans to a wider pool of consumers without compromising the bank’s credit risk appetite.

“Digital banks play an important role in extending banking and credit facilities to a large and underserved group of individuals and small businesses across Southeast Asia,” said Sriraman. "FICO has been an invaluable partner for us in our bid to drive financial inclusion in Singapore. FICO Platform enables us to leverage alternative data and expand our offerings. Its agile infrastructure enables us to iterate quickly while ensuring robust risk controls are in place.”

You can read more about this story in the full media release. 

Leveraging Technology for Inclusive Financial Services

GXS leverages user-permission data from its ecosystem partners, Grab and Singtel, to expand credit access to underserved users. Utilizing data from Grab - Southeast Asia’s leading super app, and Singtel – Asia’s leading communications technology group - this ecosystem data is then layered onto information from conventional sources like credit bureau scores. By integrating these datasets, GXS enhances applicant assessments, providing more accurate evaluations for prospective new customers and personalized interest rates.

Thanks to this innovative approach, individuals previously overlooked by traditional banks—such as those starting their careers or entrepreneurs with fluctuating incomes—can now secure loans.

Digital Banks, It's All About Speed

As a digital-only bank, GXS recognises the paramount importance of agility and efficiency in its operational processes. The imperative to swiftly go-live while upholding stringent risk controls posed a challenge. With the FICO Platform, GXS has been able to configure and deploy risk policies with remarkable speed and precision, utilising advanced analytics, rule design, and flow orchestration.

FICO Platform capabilities will be deployed for upcoming credit products in Singapore as well as across the region, in Malaysia and Indonesia. The collaboration with FICO has set the stage for the GXS’ continued innovation and growth.

“Introducing GXS FlexiLoan exemplifies our commitment to pioneering customer-centric solutions in the digital banking realm,” added Sriraman. “The implementation of FICO Platform in just three months was nothing short of remarkable, especially when considering the traditional timelines of up to a year for other providers’ on-premises solutions.”

For its achievements, GXS Bank won a 2024 FICO® Decisions Award for Customer Onboarding & Management.

“The ability to architect scalable solutions while maintaining unprecedented speed is what impressed the judges with GXS Bank,” said Paul Mah, senior editor at CDO Trends and one of the FICO Decisions Awards judges. “GXS Bank’s commitment to excellence and customer satisfaction allowed it to extend credit access to underserved segments of the population, fostering economic empowerment and creating opportunities for individuals who may have previously been excluded from traditional banking services.”

To see the full list of 2024 FICO Decisions Awards winners, check out: https://www.fico.com/en/fico-decisions-awards-2024.

How FICO Can Help You With Customer Onboarding and Originations

• Learn more about our realtime Customer Onboarding and Origination solutions.
• Hear from FICO Platform banking customers, in this blog and video, about their digital transformation success stories.
• Read this banking ebook about practical, specific, often unconventional rules for best-in-class digital transformation in the financial services industry. This includes the customer onboarding process - FICO's "11 Commandments of Digital Banking eBook"
• Read our banking research that shows an accelerated digital-first mindset in the US in regards to digital onboarding, the onboarding process, KYC, identity verification and the customer experience:  “71% of U.S. Consumers Willing to Open a Bank Account Digitally, Signaling the Need for More Engaging and Personalized Financial Experiences”
• Read our banking research on Asia Pacific consumers and their attitudes to digital-first banking, where the banking onboarding process needs to offer a comparable customer experience to bricks-and-mortar and automate the account opening process. “How banking expectations in Asia-Pacific are changing post-pandemic”