Scaleable automation LendingMetrics are delighted to announce that Decimal Factor have selected ADP for their assisted decisioning
Business funding specialist Decimal Factor have chosen to use Lending- Metrics’ Auto Decision Platform (ADP) for their assisted decisioning in order to orchestrate their credit decisioning data and scale their business. Decimal Factor specialises in arranging responsible funding solutions, including business loans, pension led funding and invoice finance. Their goal is to make funding available to small businesses who are struggling to get business loans from high street banks. Having special - ised in the funding of small business loans for over 10 years, Decimal Factor required an automated decisioning plat - form that would allow them to combine all of their data sources together into one approval process, including appli - cation and third party data. ADP was the solution chosen, as it utilises propri - etary data solutions and is a powerful decision engine builder that puts the lender in control of credit rule changes and allows operational/credit risk staff to control changes in real-time through
its comprehensive, award winning user interface. ADP is openly connected to all major CRAs plus many other 3 rd parties including Open Banking platforms. One of the key requirements of Decimal Factor was the ability to incorporate this Open Banking data, which Lend - ingMetrics were able to provide using their OpenBankVision (OBV) platform. OBV allows companies to make better lending decisions and their customers to take control of their valuable bank transaction data. The powerful platform combination allows Decimal Factor to view their customers’ business’s bank statement data digitally in real time, thus being able to make more accurate lending decisions based on fully cate - gorised data. Decimal Factor also required the ability to scale their business, particularly into new territories. They operate in the US already and would like to extend this to further territories such as Dubai. By using LendingMetrics’ ADP and OBV,
Decimal Factor will be able to reduce the number of rejections for borrowers and the number of non-conformant applications for Lenders, allowing them to effectively scale their business. Commenting on the news Madhav Soundalgekar, Chief Digital Officer at Decimal Factor said: “Our partnership with LendingMetrics, is strategic and enables us to adapt to changing criteria and new needs such as CIBILS in the UK and PPP in the US. The platform is easy to configure by business analysts and helps in pre-pro- cessing the underwriting criteria of our lender panel to find the best product match.” David Wylie (Commercial Director at LendingMetrics) added: “We’re pleased that Decimal Factor have chosen our platforms to automate their small business loan decisioning and we look forward to hearing about the future results of implementing both ADP and OBV.”
10 | Metrics Monthly
December 2020 | UK Edition
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