Case study Evolution Money chooses LendingMetrics for its credit decisioning
The client
The challenge
Since it was founded in 2011, Evolution Money has been a leader in the unsecured and secured lending market.
Evolution Money appointed Lending- Metrics to support its continued growth by incorporating a much faster, flexible and openly connected decisioning plat- form 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.
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.
The Result Since the launch of ADP within Evolution Money, they have been able to utilise a decisioning platform which has pro- duced a scaleable model within their online customer journey to automate their credit risk policies. The solution was delivered within budget and on time, due entirely as a result of the collaborative and knowledgeable teams at Evolution Money and LendingMetrics. Following training, the Evolution Money team is now using the ADP in- terface to change their credit decisions in real time, “cham- pion challenge” their rules and analyse the results within ADP.
The combination of highly automated decisioning and in- dustry experience has delivered a scaleable solution. The client has successfully migrated to ADP with minimal business disruption and is enjoying the benefits of being in control of managing their credit risk decisions in real time. The companies worked well as a team, growing their com- bined knowledge and are looking forward to cementing the relationship with further projects.
+44 (0) 2394 211010 | www.lendingmetrics.com
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