Baiduri Bank partners to modernise credit risk management

Baiduri Bank partners to modernise credit risk management
Image Credit: Baiduri Bank

Part of effort to move core banking to cloud-based SaaS model.

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Brunei’s largest financial services provider Baiduri Bank has partnered Singapore-headquartered AI FinTech to modernise its credit risk management capabilities. 

Baiduri Bank serves diverse customers in retail, Micro small and medium enterprises (MSMEs), corporate and institutions. It has now adopted finbots' AI credit modelling solution creditX to develop and deploy high-quality credit scorecards at speed. 

Baiduri Bank’s CEO Ti Eng Hui said the new solution will help the bank reduce credit risk and improve efficiency for retail and small and medium-sized enterprise (SME) businesses.

"The solution will transform our credit risk management value chain and open new opportunities", he added. 

Prior to, the bank had shortlisted multiple vendors in search of a no-Code, AI-powered, software-as-a-service (SaaS) based credit decisioning offering.

The advanced predictive analytics for credit scoring by creditX has created fresh opportunities for the bank to enhance the credit-decisioning process, thereby strengthening its operational efficiency. 

“It is also one of the fundamental building blocks of a seamless omnichannel onboarding experience,” he added. 

Ti said the move is part of Baiduri Bank's strategic investments in the business transformation journey and leveraging technology to elevate operating efficiencies, analytics capabilities, and customer experience.

The bank had recently announced plans to replace its legacy systems and migrate its core banking platform to the cloud under the SaaS model.

It has partnered Temenos, a leading banking services provider to support its retail and corporate banking, finance and wealth management operations.

We plan to progressively renovate our IT landscape using a composable banking approach to deploy new services and accelerate financial inclusion drive for the underserved credit market, he added. 

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