The latest automated decisioning technology from LendingMetrics has gone live at Fair Finance.
The lender, which specialises in providing loans to those excluded from mainstream lending, has switched from a completely manual underwriting process to one using LendingMetrics’ award-winning automated Auto Decision Platform (ADP).
The move gives the ethical lender access to the latest Open Banking technology and 100% accurate customer risk profiles. By adopting ADP, Fair Finance is able to easily identify creditworthy applicants, reflect learning from previous lending, execute changes quickly, and manipulate logic autonomously.
David Wylie, Director of LendingMetrics, said: ‘Fair Finance was keen to find technology that would automate its underwriting process and take lending to a new level of efficiency. It now has in place a future-proofed system that allows for ongoing decisioning changes and new third-party data suppliers.’
Fair Finance no longer needs to keep multiple spreadsheets updated. The only systems it now needs to use are ADP and its internal CRM, which has meant a much cleaner and simpler process. As well as the immediate benefits of moving to an automated decisioning tool, Fair Finance was impressed with the scalability and adaptability of ADP. And LendingMetrics’ focus on continued research and development means that the platform is always improving with client feedback an important part of this process.
Staff morale was foremost during the translation, and Fair Finance was able to demonstrate how ADP freed personnel to spend more time on other areas.
Mr Wylie added: ‘We were able to show that automation can be used to simplify the parts of the process that involve black and white decisions, leaving the underwriting team to review the results for rules that might still need a human touch.’
LendingMetrics was awarded the contract following an open tender process. This involved an external consultancy performing an option analysis on the various providers.
Fair Finance’s future plans include rolling out a new strategy that includes scorecards, something which it believes would have been really challenging and cumbersome had it not been using ADP.