Endava, a technology services company, has teamed up with Finexos, an AI-powered credit risk and analytics platform, in order to enhance credit decision-making for banks and lenders.
The partnership leverages Endava’s engineering expertise and Finexos’s AI capabilities to support financial institutions in providing responsible lending.
The Finexos software enriches data analysis, speeds up decision-making, and reduces costs, all while ensuring data security. This alliance aligns with Endava’s commitment to financial inclusion and innovation in the banking sector.
Legacy metrics exclude many borrowers from accessing affordable financial services and expose lenders to unnecessarily high risk as the trend for defaulting borrowers increases. Finexos software, together with Endava’s industry knowledge, aims to increase accessibility to a broader range of customers while providing a much more accurate assessment of borrower risk, resulting in better outcomes for lenders.
“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,” says Lewis Brown, Endava’s head of alliances and partnerships.
While, Matthew Williamson, SVP and industry principal at Endava, added: “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.”
According to Darren Smith, executive director of Finexos, Endava’s decision to plump for Finexos’ advanced AI data science SaaS platform for its customers will “enable it to provide more inclusive, Consumer-Duty-compliant lending decisions while also reducing risk in their lending portfolios”.