Business funding specialist Decimal Factor has chosen to use LendingMetrics’ Auto Decision Platform (ADP) for its assisted decisioning to orchestrate credit decisioning data and scale its business.
Decimal Factor specialises in arranging responsible funding solutions, including business loans, pension-led funding and invoice finance. Its goal is to make funding available to small businesses who are struggling to get business loans from high street banks.
It required an automated decisioning platform that would combine all of its data sources together into one approval process, including application and third party data. ADP was the solution chosen, as it utilises proprietary data solutions and is a powerful decision engine builder that puts the lender in control of credit rule changes and allows operational/credit risk staff to control changes in real-time through its comprehensive, award-winning user interface.
Decimal Factor also wanted the ability to scale its business, particularly into new territories. It operates in the US already and wanted to extend to further areas such as Dubai. By using LendingMetrics’ ADP and OBV, Decimal Factor will be able to reduce the number of rejections for borrowers and the number of non-conformant applications for lenders, allowing it to effectively scale its business.
Madhav Soundalgekar, Chief Digital Officer at Decimal Factor, said: “Our partnership with Lending Metrics is strategic and enables us to adapt to changing criteria and new needs such as CIBILS in the UK and PPP in the US. The platform is easy to configure by business analysts and helps in pre-processing the underwriting criteria of our lender panel to find the best product match.”
David Wylie, Commercial Director at LendingMetrics, added: “We’re pleased that Decimal Factor has chosen our platforms to automate its small business loan decisioning and we look forward to hearing about the future results of implementing both ADP and OBV.”