UOB's new credit underwriting engine cuts processing time and default rate by more than half

SINGAPORE (Mar 23): United Overseas Bank (UOB) has created a data analytics-powered credit underwriting engine that will improve credit underwriting for small businesses across Southeast Asia.

The credit underwriting engine will cut both the turnaround time and the number of steps involved in a small business loan application by more than half.

This system harnesses the bank’s existing sources of information with new pools of data, such as those relating to the company’s day-to-day operations, and applies analytics to gain deeper insights into the credit behaviour of small businesses.

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