Part 3: CredoDecide – Digital Originations in a Box

December 10, 2020

In this last part of the blog series on digital originations, we look into the mechanics of how the three elements on CredoDecide work together to bring you an automated, real-time, credit decisioning engine.

Before we proceed, to give you a quick recap, in the last two parts of this series, we identified the bottlenecks that hinder the fast-track digital transformation of lenders and explored the different elements in CredoDecide that lay the foundation of an intelligent decision-making tool.

Credit Decision within Seconds: Start to End

Next, we move on to the workings of an automated decisioning and banking platform. For ease of explanation, consider this to be a play with 3 acts.

Act 1: The Application

The customer downloads CredoLab’s white label app, CredoApply, to initiate an application process. The super app enables the customer to seamlessly proceed from choosing the right financial product and completing e-KYC requirement to finally providing necessary permissions for CredoLab’s credit scoring algorithm to generate a credit score. The gamified user experience ensures the conversion from a traditionally cumbersome and time-consuming process into a pleasant and quick one.

Act 2: The Assessment

All the information collected via the app is then immediately sent to the decisioning engine. The SaaS-based decision engine provides an initial best practice decisioning flow, which enables the clients to assess applications automatically and in real-time. CredoLab’s alternative data-based credit score and the client’s application scores, and credit bureau scores (if required) are also integrated into the decision engine.

Once the application is processed, the suggested outcomes, credit scores and additional actionable insights are sent to the lender’s loan originations system through simple APIs.

The Final Act: The Decision

An interim response will be sent to the customer providing  them with a status update and the possible approval of their application. The entire process from application to final decision takes just minutes, as opposed to days, bringing down the time-to-yes and clearing up your decision-making pipeline for fresh applications.

What This Means for Your Business

In a nutshell, CredoDecide is an all-in-one solution for your digital originations strategy. A single vendor is responsible for all of the components of onboarding. The pre-integrated and pre-configured modules mean you roll out a fully functioning and seamless digital originations channel in just 60-days, with zero hassle.

The easy to use, intuitive, frictionless onboarding platform accurately assesses risk to improve your business performance in real-time. The automated test policy rules and strategies allows you to book more profitable accounts and maximise profits while providing a great customer experience at the same time.

Book a demo today to learn more about CredoDecide and how it can help soar your business to new heights in the new normal world.