Our client is a lending finance organization with an objective to transition from
labor-intensive underwriting methods to a streamlined automated process leveraging cutting-edge
technologies. The integration of predictive analysis, open banking data, credit agency insights, and
cognitive services has significantly transformed the underwriting landscape.
Client: Car Dealership & Lending Firm
Country: UK
Industry: Fin Tech
Engagement Type: BDT / Staff Aug / Project Based / Technology Consulting
The Challenge
Manual underwriting in high-risk lending scenarios has historically been
a time-consuming process fraught with challenges. Some of them are listed below:
Time-Consuming Process: Reviewing and verifying extensive documentation, including
customer financial records, bank statements, and credit history, consumed hours or even days.
High Risk Nature: As a high-risk lender, the business needed to assess potential
customers meticulously to mitigate the risk of default and fraud.
Inconsistent Decision-Making: Manual underwriting introduced room for human error and
inconsistencies in decision-making, leading to suboptimal lending choices.
Compliance Burden: Adharing to regulatory and compliance requirements like Anti-Money
Laundering (AML) regulations prone to human error.
The Client identified the necessity to elevate its underwriting procedures while upholding streamlined
lending operation through process optimization and process operations by embracing cutting-edge
technological advancements. The objective was to simplify the underwriting process through new world
technology integration and concurrently stimulate increased sales.
Drive to accomplishment
In collaboration with our Client, Ezycon recognized the need for innovation to optimize underwriting processes. Leveraging new world technologies, the following solutions were implemented:
Predictive Analysis of Customer Behavior: By analyzing historical data and customer behavior patterns, the business integrated predictive models that forecasted the likelihood of default or fraudulent activity. This assisted in more accurate risk assessment and quicker decision-making.
Integration with Open Banking and Credit Agencies: Real-time access to open banking data and credit agency insights, including Equifax and Experian, was established. This integration enabled automated collection of financial information and enhanced credit checks, expediting the underwriting process.
Customized Rules based on Business Needs: The adoption of advanced algorithms allowed the business to define and automate customized underwriting rules based on their specific risk tolerance and lending criteria.
Cognitive Services for ID Checks: Cognitive services, powered by AI, were employed to automate the identification verification process. This involved comparing scanned IDs against a database of legitimate documents, reducing the risk of identity fraud.
Automated Bank Statement Analysis: AI-driven algorithms analyzed bank statements to gain insights into a customer's financial health and behavior. This automation accelerated the assessment process of an applicant's ability to repay a loan.
The Outcome
The implementation of new world technologies in the lending finance business yielded remarkable results:
Efficiency Gains: The underwriting process improved from taking more than 7 days to 6 hours on average per case, enabling faster loan approvals, and enhancing customer satisfaction.
Risk Mitigation: Predictive analysis facilitated more accurate risk assessment, reducing the likelihood of defaults and fraudulent activity. As a result, there was 28% reduction in bad loans over 12 months.
Compliance Adherence: Integration with credit agencies and open banking ensured compliance with AML regulations and thorough credit checks.
Consistent Decision-Making: Automation eliminated human error, leading to more consistent and objective lending decisions.
Informed Lending: Automated bank statement analysis provided comprehensive insights into a customer's financial behavior, enabling the business to make well-informed lending choices.
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Solution Name
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Solution Name
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Solution Name
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Mobility Technologies
“With 58% of market share of the world, Mobile devices have surpassed desktop usage (39%) and became
omnipresent in all walks of our lives, also becoming the largest entry point for any person into the
technology ecosystem and your business in the world.”
Any small device which allows the user to do computing on the go with small form factor and an emphasis on
mobility comes under the definition of mobile technology, with 58% users share of the world, mobile devices
have come a long way alongside in surpassing the desktop users which currently holds around 30-40%.
So, it's no coincidence that in recent times mobile has been a major entry point for everyone into technology
with mobile devices coming in every price range as well as being omnipresent in everybody's lives.
And In these fast times, every business needs to have their mark on the audience digital footfall and to do
so they need to create their brand on web & mobile, web being device agnostic and mobile having different
operating systems like android & iOS.
We will help you choose and build the right solution for your need.
React Native
Developed by Facebook, react native is the most used framework out there with 40% share, it is safe to
say why it’s a fav. For native cross-platform development, it is ahead of frameworks like cordova, flutter
etc.
By building app with the react native, it allows the code to be used between platforms resulting in lower
dev. Cost and implementation time. With one code which works between android, iOS and web. With such a
device agnostic approach the code as well as the application becomes easy to access for user and for devs
to implement & modify.
Its cross-platform compatibility allows developers to use a single code base for multiple platforms.
While its modular structure supports seamless use of modules across several APIs, GPU instead of CPU
offers powerful application performance. At Ezycon, we provide a range of custom app development
services based on our customer requirements and support them to maximise ROI and reduce the onboarding
time allowing the companies to take advantage of usability and functionality.
Android
Developed by google and available under open-source model android is the largest mobile OS taking almost
+70% of the market share and available across wide variety of devices ranging from large devices to small
across price range from affordable to the highest in the class.
With such a large share of the market it is safe to assume building apps on android helps in reaching
larger audience in any market segment across the globe. With the native features these apps provide the
best UX, alongside a thriving ecosystem which works on the playstore of android, the audience reach is
immense.
Our Android application development services support seamless customisation and integration with existing
business software.
At Ezycon, we put our customers' business priorities and security at the heart of our development.
Therefore, our bespoke integrations, features and rapid and easy growth allow businesses to use the app as
quickly as possible.
iOS
Developed by apple and available only on devices built by apple, Apples’s iOS is 2nd largest(28%) mobile
OS in the market Mosty included in high end devices which are top of the class in their market segment and
also considered one of the best devices regarding consistency, experience and ecosystem implementation.
Considering android is the largest OS out there, but not all the markets have the largest android users,
in those markets building the iOS apps are a must to reach the largest audience.
At Ezycon, we ensure easy integration and scalability for your business application throughout the
development cycle.
We can support you with securing enterprise data, compliance, generating revenue through the App store,
and achieving ROI.
Our Technologies
Backend
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Frontend
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Cloud & DevOps
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