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GXS Bank Achieves Remarkable Onboarding Efficiency Using FICO Platform

Singaporean challenger bank successfully onboards vast majority of customers in less than 3 minutes



  • GXS Bank is using FICO® Platform to make credit decisions in milliseconds and issue loans in under 3 minutes upon approval, for vast majority of customers
  • GXS Bank is leveraging alternative data and FICO Platform’s Intelligent Decisions capabilities to extend credit to applicants with thin to no credit history
  • The implementation of FICO® Platform took just three months to complete
  • GXS Bank has won a 2024 FICO® Decisions Award for Customer Onboarding & Management

GXS Bank (GXS), Singapore’s first digital bank for consumers and businesses, is using the industry-leading capabilities of FICO® Platform to streamline its onboarding process for GXS FlexiLoan, its personal loan product. This has resulted in an onboarding time of under three minutes for the vast majority of approved GXS FlexiLoan applications.

GXS uses FICO Platform to automatically generate credit decisions in milliseconds, executing complex policy rules that utilise traditional and alternative data, to provide loans to a wider pool of consumers without compromising the bank’s credit risk appetite.

GXS leverages user-permission data from its ecosystem partners, Grab and Singtel, to expand credit access to underserved users. Utilizing data from 'super app’ Grab, a dominant force in Southeast Asia akin to Uber in the Americas, and Singtel, a major regional telco, offers valuable insights. This ecosystem data is then layered onto information from conventional sources like credit bureau scores. By integrating these datasets, GXS enhances applicant assessments, providing more accurate evaluations and personalized interest rates.

Thanks to this innovative approach, individuals previously overlooked by traditional banks—such as those starting their careers or entrepreneurs with fluctuating incomes—can now secure loans.

“Digital banks play an important role in extending banking and credit facilities to a large and underserved group of individuals and small businesses across Southeast Asia,” said Vaman Sriraman, Group Chief Risk Officer at GXS Bank. “FICO has been an invaluable partner for us in our bid to drive financial inclusion in Singapore. FICO Platform enables us to leverage alternative data and expand our offerings. Its agile infrastructure enables us to iterate quickly while ensuring robust risk controls are in place.”

More information:

Agility and Adaptability: Empowering Innovation in Digital Banking

“Introducing GXS FlexiLoan exemplifies our commitment to pioneering customer-centric solutions in the digital banking realm,” added Sriraman. “The implementation of FICO Platform in just three months was nothing short of remarkable, especially when considering the traditional timelines of up to a year for other providers’ on-premises solutions.”

FICO Platform capabilities will be deployed for upcoming credit products in Singapore as well as across the region, in Malaysia and Indonesia. The collaboration with FICO has set the stage for the GXS’ continued innovation and growth.

“FICO Platform plays a pivotal role in advancing financial inclusion by enabling banks like GXS to leverage alternative data sources and streamline credit decisioning processes,” said Nikhil Behl, EVP of sales and chief marketing officer at FICO. “Moreover, the implementation of the FICO Platform in just three months is a testament to our dedication to delivering tangible, rapid value to our clients.”

As a digital-only bank, GXS recognises the paramount importance of agility and efficiency in its operational processes. The imperative to swiftly go-live while upholding stringent risk controls posed a challenge. With the FICO Platform, GXS has been able to configure and deploy risk policies with remarkable speed and precision, utilising advanced analytics, rule design, and flow orchestration.

For its achievements, GXS Bank won a 2024 FICO® Decisions Award for Customer Onboarding & Management.

“The ability to architect scalable solutions while maintaining unprecedented speed is what impressed the judges with GXS Bank,” said Paul Mah, senior editor at CDO Trends and one of the FICO Decisions Awards judges. “GXS Bank’s commitment to excellence and customer satisfaction allowed it to extend credit access to underserved segments of the population, fostering economic empowerment and creating opportunities for individuals who may have previously been excluded from traditional banking services.”

To see the full list of 2024 FICO Decisions Awards winners, check out:

About GXS

GXS Bank (GXS) is a digital bank with a relentless focus to make banking better for the everyday consumer and small business. This includes Singapore’s underserved individuals and businesses.

The Bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data.

GXS holds a banking licence issued by the Monetary Authority of Singapore.

It is backed by a consortium consisting of Grab Holdings Inc. – Southeast Asia’s leading super app, and Singtel – Asia’s leading communications technology group. GXS is a separate entity and is not associated with the businesses of Grab Holdings, Singtel and their entities. GXS is also not associated with or related to the businesses of FICO or its entities.

About the FICO® Decisions Awards

The FICO Decisions Awards recognize organisations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2024 judges are:

  • Andrew Birmingham, editor, Mi3
  • Eric Kavanagh, CEO Bloor Group and host, InsideAnalysis
  • Elizabeth Lumley, deputy editor, The Banker
  • Paul Mah, senior editor, CDO Trends
  • Laura Martins, editor, IT Forum
  • Paul Robinson, VP credit management at Canadian Tire Bank (previous winner)
  • Shiv Sehgal, EVP audience analytics at RSG Media (previous winner)
  • Nick Vitchev, director at Chartis

The winners of the FICO Decisions Awards were spotlighted at and won tickets to FICO® World 2024, April 15 – April 18, 2024 in San Diego, California

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.


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