Credit union network uses ADP

Credit union network My Community Finance has gone live with an automated decisioning platform that is set to transform its loan application process.

It has opted for LendingMetrics’ award-winning Auto Decisioning Platform (ADP), launched in 2016 to free lenders from the cost burden of manual underwriting and give them access to the latest data, analytics and Open Banking based affordability assessments.  

The adoption of ADP has allowed the London-based network to shift from a hard-coded in-house loan origination system with limited decisioning capabilities, to a fully automated customer origination solution that delivers instant credit decisioning. 

It has been able to do this while integrating its existing underwriting rules – on eligibility, credit, affordability and KYC – and has also added Experian as a new data source. 

Neil Williams, Managing Director of LendingMetrics, said: ‘My Community Finance has successfully launched ADP within budget and on time. They are now reaping the benefits of an automated system that orchestrates Open Banking data to make strategic credit policy changes rapidly. Our industry-leading solution enables them to leverage more data than ever before so they can make better affordability, suitability and credit risk decisions. Best of all, they can create and manage their credit logic and decision waterfall autonomously and in real-time via the user interface without intervention from IT personnel.’

‘ADP gives them the ability to act swiftly and integrate with new data sources seamlessly, so that they can remain mobile in an ever-changing industry.’

Richard Pinch, Partner at credit risk consultancy Vestigo Partners Ltd, which assisted with the implementation of ADP at My Community Finance, said: ‘The speed with which we can change underwriting rules is fantastic. ADP has also enabled us to easily introduce dual-bureau capability, which would have been much harder with the existing system.’ 

My Community Finance and LendingMetrics are now working together on the implementation of LendingMetrics’ OpenBankVision product.