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The fast and the factual
Continued evolution in speed and flexibility
Neil Williams, Chief Technology Officer at LendingMetrics shares the facts about ADP’s speed and reliability
Four years on, we return to Evolution Money to learn how LendingMetrics’ ADP has transformed the way they do business.
Here at LendingMetrics, we often talk about the speed of our Auto Decision Platform. But what does that mean and why is it important? Decisioning at high volumes requires a responsive, high-speed platform. Steve Daly of Evolution Money, who we interviewed recently, tells us the average decisioning time of their ADP installation is just 1.6 seconds (and that includes the time it takes for third-party data providers and credit reference agencies to send ADP the data it uses to help execute the decision). But is that speed common amongst our customers, or is Steve an outlier? Customers’ decision engines vary massively in their content and number of rules; does this affect their speed?
We looked across a sampling of LendingMetrics’ customer data to find out. For instance, between a customer running an ADP decision engine with 500 rules and actions (what we refer to as “objects”) to process, and another customer with a massive 3,000 objects to process, the difference in processing time is negligible, less than 15 milliseconds in fact. The reason for this impressive speed is scalability. “ADP was designed with complex decisioning at high volume in mind,” explains Neil Williams, Chief Technology Officer at LendingMetrics. “We’ve optimised our platform to ensure that decision engines can process any number of rules almost instantaneously.” That being the case, where does the difference in response times between customers come from? “The biggest
impact on decisioning times comes from making calls out to third-party data sources like credit bureaus,” explains Neil. “We work hard to mitigate that call time. When we’re working with our customers to tailor ADP to their needs, one of the key factors we consider is minimising time spent talking to the likes of Equifax or Experian, to take full advantage of ADP’s speed.” We also asked Neil about ADP's uptime and service level agreements, about which his answer was much more direct. "ADP's uptime is 99.999%, and we've never come close to breaking our SLAs." The numbers don't lie; it's clear that speed and reliability are non-issues for ADP customers at any volume. To learn more about what that blistering speed can be used for, visit our website .
Since it was founded in 2011, Evolution Money has been a leader in the unsecured and secured lending market. Named one of the fastest growing companies in 2016 and 2017 by The Sunday Times Fast Track 100, Evolution Money believes that consumer access to finance shouldn’t be dictated solely by a credit score or an automated computer response alone. The company adopted LendingMetrics’ Auto Decision Platform in 2019 to boost its lending volumes and provide invaluable support to its underwriting team.
We travelled to the heart of Manchester to chat with IT Director Steve Daly about the ongoing impact ADP has had on the business. ADP has enabled Evolution Money to increase its lending volumes by around 250% in the last 12 months alone, with each decision being resolved in roughly 1.6 seconds. The greatest value ADP has offered the business is in adaptability; the platform’s ability to make rapid changes to decisioning rules has proven invaluable in the wake of the COVID pandemic, Bank of England base rate changes, and further economic turbulence. You can watch our full customer story with Steve Daly on our website .
“If we were dealing with this number of customers four or five years ago, we would’ve needed a lot more staff to service those customers, and the reality is we probably couldn’t. Without ADP we wouldn’t be able to decision against the volume we’ve got today.”
Steve Daly IT Director, Evolution Money
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www.lendingmetrics.com
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