An Binh Commercial Joint Stock Bank has partnered with Thakral One, a Singapore-based technology consulting and services firm, to set up an automated credit scoring engine to streamline the risk calculation process for customers.

The engine eliminates manual processing and enables faster credit decisions that improve the customer experience, contributing to a better revenue and compliance position by reducing risky debts and consistently aligning with credit scoring regulations.

Speaking at the signing ceremony, Nguyen Manh Quan, acting general director of ABBANK, said, "ABBANK's board of directors has identified this as is one of the key projects of the bank to build a system that can support credit decision making quickly and effectively, thereby minimising qualitative risks.”

Bikram Singh Thakral, CEO of Thakral One, said, “Investing in leading decision management and analytics capabilities will enable ABBANK to significantly improve their time to market, enhance capability to scale, and better manage risks.”

With the technology, ABBANK can assess the creditworthiness of loan applicants using policies that evaluate existing bank records and external sources that provide customer and financial information to arrive at a credit score.

Bao Viet Insurance Corporation and ABBANK executives at the bancassurance deal signing ceremony in Ha Noi on Wednesday. — Photo courtesy of the bank

In another development, ABBANK and Bao Viet Insurance Corporation signed a co-operation agreement in Ha Noi on July 20 for bancassurance services.

They will implement insurance partnership programmes, enhance cross-selling of products and services, introduce each other’s products and services to customers and promote each other’s images, products and services. — VNS