TFS automates its underwriting with ADP

The latest automated decisioning technology from LendingMetrics has gone live at finance provider TFS Group.

TFS, which specialises in ‘guarantor’ unsecured credit and lending to those unable to access high-street banks, is now using Lending Metrics’ award-winning* automated underwriting platform Auto Decision Platform (ADP), together with its LMX and OpenBankVision products.

Having used credit reference data, TFS Loans wanted to use the latest Open Banking technology to get 100% accurate customer risk profiles and lend more effectively. By adopting ADP, it has been able to easily identify creditworthy applicants, reflect learning from previous lending, execute changes quickly, and manipulate logic autonomously.

Neil Williams, Managing Director of LendingMetrics, said: ‘TFS wanted to be able to make rapid affordability and suitability decisions based on real-time data. ADP provides this and, by offering an initial retro, we were able to show what sort of data they could receive and then supported them during the integration process as well as after delivery.’

Daniel Everritt, General Manager of TFS Loans, said: ‘We’re really pleased that LendingMetrics has delivered everything that ADP promised and appreciate the level of support the team continue to provide to us.’

ADP was launched in 2016 to free lenders from the cost burden of manual loan underwriting and give them access to data analytics and the Open Banking revolution. Lenders can interrogate applicant’s bank account data in real-time, doing away with the need for historic proofs of status. But by also integrating with all major credit reference agencies, it also allows users to make almost instant lending decisions. Operational/credit risk staff can control quick credit rule changes in real time through a simple user interface.