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  • Writer's pictureKelsie Papenhausen

Corridor Platforms Proposes Cost-Cutting Solutions for CFOs to Optimize Operations


WHAT:       Recent findings from a survey conducted by U.S. Bank shed light on the shifting priorities and challenges facing Chief Financial Officers (CFOs) in 2024.

According to the survey, 44% of CFOs have identified cost-cutting within the finance function as their primary focus for the year. Moreover, 37% of respondents are directing their efforts towards reducing costs across the entire business, up from 33% in the preceding year. These findings underscore the growing imperative for financial institutions to optimize operational efficiency and resource allocation.

 

WHY:          In response to these challenges, decisioning automation technology emerges as a pivotal tool for banks to address these evolving priorities. Automation reduces expenses by streamlining tasks and optimizing resources, enabling community banks to manage overhead and minimizing labor costs associated with manual work. By leveraging advanced analytics, machine learning algorithms, and automated decision-making processes, community banks can achieve greater cost-effectiveness, enhance risk management capabilities, and drive revenue growth.

 

The benefits of automated decision-making include:

·         Elimination of costly manual processes, leading to significant efficiency gains.

·         Expedited decisions, resulting in enhanced customer satisfaction.

·         More precise risk assessments, reducing the likelihood of defaults and improving underwriting quality.

·         Use of both internal and external data sources to refine credit signals, deliver competitive rates and elevate risk management practices.

 

Moreover, by harnessing sophisticated data analytics, banks can identify potential risks upfront and implement measures to mitigate them. This proactive approach not only expedites approval rates for qualified borrowers but also reduces risk exposure for the bank, ultimately fostering more resilient and profitable operations.

 

WHO:         Manish Gupta is the CEO of Corridor Platforms, a provider of proprietary decision workflow governance and automation software. Formerly EVP and Head of Global Information Management and Advanced Decisioning Platforms at American Express, he led the global migration of analytics to a centralized Big Data and Machine Learning Platform. He is a seasoned credit professional with more than 25 years of experience encompassing global risk management, new credit product design and the management of large P&Ls.

 

Gupta is available to provide insights on how community banks can leverage automation to reduce operational costs, drive efficiency and enhance profitability.

 

CONTACT: For more information or to speak with Manish Gupta, contact Gabriela Lumpkin at gabriela@williammills.com or Angelo D. Jones II at angelo@williammills.com.  

 

About Corridor Platforms

Corridor Platforms is a leading provider of next-gen decision workflow governance and automation software. The company’s decisioning platform was created by a team of highly seasoned banking practitioners with decades of experience leveraging advanced analytics and big data capabilities for risk and marketing decision management at large banks.  They have worked with regulators globally to ensure the highest standards of compliance and governance are met while transforming the financial services sector to benefit safely and responsibly from the latest developments in AI. Corridor Platforms Inc. is majority owned by its founders, with additional investments from EXL Service, Oliver Wyman and Jam Fintop. 

 

For more information visit www.corridorplatforms.com. Connect with Corridor Platforms on LinkedIn.

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