Case study Moneyline chooses ADP by LendingMetrics
The Challenge As part of Moneyline’s growth strate - gy, they needed a flexible decisioning platform to help automate their current manual processes, allowing their advi - sors to focus on the conversation while the system did the automation. As a not-for-profit organisation, Moneyline not only needed a comprehensive solu - tion but also a cost-effective one. Moneyline chose LendingMetrics’ ADP platform as they found it to be “one of the most flexible and powerful plat - forms on the market at a surprisingly competitive rate”. Moneyline wanted to ensure they kept the flexibility and control to manage and adapt their credit risk approach which is tailored to get the best outcome for their customer base and risk profile. As part of their approach, LendingMet - rics provided expertise in helping Mon - eyline produce their decision engine,
which included the design and build of composite rules, formulas and matri - ces. In order to maximise the effec - tiveness of the credit data, the design of the decision engine was combined with credit risk and analytical exper - tise. LendingMetrics assigned a ded - icated team of experienced analysts, who could support Moneyline in turning their granular customer knowledge and expertise into the rules needed to ensure that automation supported and enhanced the current approach. As part of MoneyLine’s application process they also require bank state - ments from each new customer. Lend - ingMetrics incorporated their Open Banking platform, ‘OpenBankVision’ into ADP so Moneyline could run automated credit risk rules, affordability, income and fraud checks over each application. OBV was welcomed by MoneyLine not only for its invaluable data but also its pricing model, which allowed Moneyline
Moneyline is one of the largest social lenders in the UK, focussed on providing financial products to low income households. They have lent more than £100m to 165,000 customers since their first branch opened in 2002. Moneyline offer ‘low-value, short-term loans’ through branch and telephone channels and have a focus on having a great conversation, supported by auto - mation. Moneyline don’t charge an addi - tional fee for late or missed payments and provide competitively low APRs when compared to alternative loans available to their customer. They are focussed on improving their customer’s financial resilience and provide a “round it up” savings product where customers have deposited over £12m in savings deposits.
16 | Metrics Monthly
December 2020 | UK Edition
Made with FlippingBook - professional solution for displaying marketing and sales documents online