Loan applications processed by automated underwriting technology soared at LendingMetrics over the past year.
The credit technology, data and Open Banking provider processed over 10 million transactions on its platforms during the last 12 months. The figure represents an increase of more 120% on the previous year, with all sectors of the business surging.
ADP – the company’s award-winning credit decisioning platform – saw the biggest increase over the preceding 12 month period with volumes jumping by just under 170%. Its aggregated credit data service, LMX, and its Open Banking platform, OpenBankVision, saw significant increases at 87% and 144% respectively.
David Wylie, LendingMetrics’ Commercial Director and co-owner, said: ‘We’ve relentlessly invested in our products, our people and our customers to make LendingMetrics the go-to partner for forward thinking lenders and the best place for our talented team to thrive and shine.
‘These numbers prove that our offering resonates strongly with the market and lenders are migrating to us in ever greater numbers. Once with us, almost without exception, they scale up and grow with the help of our award-winning automation.’