Case study
Evolution Money chooses LendingMetrics for its credit decisioning The client
The challenge Evolution Money appointed Lend- ingMetrics to support its continued growth by incorporating a much faster, flexible and openly connected deci- sioning platform that wasn’t available within their current Loan Management Systems. Evolution Money required a decisioning platform that could make immediate credit decisions within milliseconds, whilst allowing them the flexibility and functionality to build detailed and com- posite rules, scorecards and matrices, over a variety of data sources. Evolution Money also needed a plat- form with an extensive testing environ- ment to champion challenge and eval- uate new aspects of their decisioning, in order to finesse and improve their lending decisions over the coming years. As part of these credit risk plans, Evolu- tion Money needed a significantly more open and accessible platform to inte- grate with, for the retrieval and utilisa- tion of various additional data sources. Like many companies, Evolution Money had contemplated building its own au- tomated decisioning platform in-house, however, after consideration they felt they did not have the technical resource to deliver a platform as flexible and robust as an “out of the box solution” in the required timescales. In any case, they wanted to focus on their core strengths and drive forward their successful lending operation.
LendingMetrics’ ADP was chosen by Evolution Money due to its quick de- cision response times and ‘Passive Engines’ environment, which allows Evolution Money to test new decision engines against real application data without affecting live lending decisions. These features stood out in comparison to the other decisioning platforms in the market. Evolution Money was impressed by ADP’s flexibility to create and edit complex rules, formulae and variables all through its Graphical User Interface, which required little technical experi- ence or knowledge on the part of the user. ADP’s open APIs will allow Evolu- tion Money to utilise other data sources in the future due to its open connectivity (ADP is integrated with all major CRA’s as well as bespoke machine learning and fraud identification solutions). As part of the implementation process, LendingMetrics assisted Evolution Money with the design of a multi-func- tional decision engine to cover all areas of credit risk. This included a risk-based offer matrix and an automated rule set over various data components/sources, including an affordability check. Lend- ingMetrics are also assisting Evolution Money to implement a scorecard based decision engine. The LendingMetrics ADP implementa- tion team then took the lead, headed by a client-dedicated Project Manager and held several scoping and requirements sessions to provide a full project plan with timelines. Once all requirements were gathered LendingMetrics built the agreed decision engine and completed the additional third-party integrations required by Evolution Money.
Since it was founded in 2011, Evolution Money has been a leader in the unsecured and secured lending market.
Evolution Money have over 170 employees and have been named one of the fastest growing com- panies in 2016 and 2017 by The Sunday Times Fast Track 100. In 2017 Evolution Money also secured an additional £100 million in financing to help further grow the company and its loan book. At its core, EvolutionMoney believe that consumer access to finance shouldn’t be dictated solely by a credit score or an automated com- puter response alone. They pride themselves on review- ing each customer’s application on a case by case basis and being able to treat all customers as in- dividuals whilst providing flexible loans to those who may struggle to access finance from other lenders.
06 | Metrics Monthly
July 2019 | AU Edition
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