Specialist Motor Finance opts for auto-decisioning

The latest automated decisioning technology from LendingMetrics has gone live at Specialist Motor Finance (SMF).

SMF is using Lending Metrics’ ADP platform, which has been developed to free lenders from the cost burden of manual loan underwriting, while giving them access to data analytics, risk-based pricing and affordability assessment via the Open Banking revolution. It integrates with all major credit reference agencies and puts the lender in control of credit rule changes.

David Wylie, Managing Director of LendingMetrics said:  “ADP now provides SMF with a state of the art, secure and scalable technology solution which allows them to help more customers than ever. We enjoyed working with the team during the implementation phase and found everyone at SMF highly professional and a pleasure to deal with. We look forward to working with them over the coming years, to develop the solution and play our part in helping them grow.”

SMF managing director David Challinor said: “We have spent more than twelve months designing an evaluation tool which marries our own matrices and lending criteria with national statistical integers. This gives us a very detailed real-time picture of a person’s ability to make regular loan repayments without compromising their financial well-being.

 Mr Challinor added that ADP allowed SMF to make a decision based on how an applicant is likely to conduct themself in the future, rather than on what has happened in their past.

“Many brokers now require a sub-ten second response from their panels of lenders and an easy way to achieve this is to guess affordability from an historic credit score. However, this conflates people suffering from chronic financial difficulties with those who have overcome past problems, hold a regular job and carry no great burden of debt.

“Our platform recognises their position and allows brokers to reach out to a wider sector of customers which are often declined by traditional lenders.”