UOB taps data analytics to spur lending to Asean small businesses
Singapore
UNITED Overseas Bank (UOB) is diving into data to move the dial in credit underwriting for small businesses in Asean.
Its ongoing work over two years in applying data analytics shows it has been able to cut the turnaround time in a small business loan application by more than half.
Upon full submission of the required documents by the client, the analytics-enabled credit engine can process each application in less than one business day.
Since the implementation of the enhanced credit underwriting engine, the bank has also registered a 50 per cent fall in the default rate of its small business loans. The bank declined to say what is the current default rate, or the total volu…
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