Case study Not-for-profit lender appoints LendingMetrics to automate decisions
Fair for You (FFY) is an award-winning, not-for-profit alternative to weekly payment stores. Consum- ers purchase items such as white goods and bedroom furniture directly from FFY suppliers by taking out a loan with them and repaying in flexible installments. About
their plans to significantly grow their loan book. Fair For You had their own in house Credit Risk Officer who designed their decision engine using Call Credit’s core bureau products and also Lending- Metrics’ OpenBankVision (OBV) product to collect 90 days of bank statement data. Their aim was to design a deci- sion engine that could automate as many decisions as possible, delivering good quality leads into the underwriting team so that agent workflow could be driven by tasks from the ADP, based on the warning rules that have been hit and thus improve productivity.
Following several calls between FFY and the LendingMetrics project man- agement team, and once the require- ments gathering phase had been com- pleted the implementation team took the lead. LendingMetrics took a total of 6 weeks to complete the seamless build of the decision engine in addition to a new Transunion component which was added to the platform, before passing FFY the finished ADP decision engine for acceptance testing. During the implementation phase FFY were also working with the LendingMet- rics analytics team to complete a free
FFY state that applicants only pay what they can afford, when they can afford it and the faster they pay it off, the less they pay. FFY are a not-for-profit Com- munity Interest Company (CIC) and members of Social Enterprise UK. They state their product is supported and designed by the consumer and that they are using the power of business to bring about social change. Approach LendingMetrics were appointed by FFY to implement ADP to support FFY in
12 | Metrics Monthly
December 2019 | UK Edition
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