Key Challenge – Technology
Technology provides the foundation for real-time SME loan decisioning, so it’s not surprising that over a third of respondents selected technology issues as a key challenge. Whether working with an in-house created solution or partner technology, the ability to rapidly make changes to respond to evolving markets is essential for mitigating risk and supporting your customers.
The most common response within the technology category, and a close third overall, was difficulty in operationalizing risk models in real-time. Risk analytics models, whatever language they are written in, facilitate smarter decisions, lower risk, and automated approvals. But delays often occur due to recoding requirements. If your technology doesn’t support the language your risk team like to work in, not only does it slow down deployment cycles, it increases dependency on IT/Dev resources. Implementing technology that is model agnostic eliminates this problem and helps risk teams rapidly push important changes live. A third of respondents also highlighted difficulty in making changes to processes and products as a problem. Whether this is due to reliance on a technology vendor or internal IT/Dev teams, there is a solution that can help give risk teams more control: low-code platforms. Low-code can replace hard-coded solutions, so changes don’t need to be completed by development teams, but instead can be managed by risk team members using drag-and-drop tools.
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Making Changes to Processes and Offerings
Operationalize Risk Models in Real-Time
Reliance on Technology Vendor
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Provenir empowers the Telia Finance team to create and change credit offerings independently, process customer applications in seconds, and easily integrate to multiple data sources for better quality decisioning.
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Fredrik Nilsson, Credit Manager Telia
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