A lender that recently told Australian Broker it's currently averaging turnaround times – from receipt of application through to funding – of about four hours has reported it's powering its credit decisioning with Experian’s new cloud-native decisioning platform, PowerCurve Customer Acquisition.
Personal lender MoneyPlace attributed its pursuit of the partnership to the desire to grow its white-labelled 'lending as a service' solution, currently used by lenders such as Liberty Financial.
MoneyPlace CEO Stuart Stoyan explained, "We needed an enterprise grade decisioning solution that was agile and flexible enough to allow us to run multiple score cards across multiple lenders, and Experian's PowerCurve Customer Acquisition solution hit the mark.
"In short, we want to help our customers better serve their consumers and upgrading and automating our system with Experian was the first step."
Experian’s latest Global Insights research has confirmed the trend which quickly took shape at the start of the pandemic; using technology to improve and automate customer decisions has become a necessity for just about every major Australian industry, including financial services.
The research showed that in a pre-COVID-19 world, business and policy rules, along with decision management, were most commonly relied upon to assess customer creditworthiness. Now, however, artificial intelligence (AI) has become the leading approach.
Experian A/NZ general manager of decisioning and analytics, Mathew Demetriou, provided further context to how the group’s offering helps support MoneyPlace’s quick turnaround times.
"By combining customer data at the point of application with internal, fraud and multi-bureau credit data, our solution helps MoneyPlace make more informed decisions in real-time based on a comprehensive view of the customer, while helping reduce their technology overheads,” he said.
"Responsible lending continues to be an increasingly complex space for businesses to navigate and it's essential for lenders to maintain compliance while also ensuring a high level of customer service to remain competitive.
“A cloud native approach to decisioning enables lenders to service more customers responsibly and at speed."
MoneyPlace is the first to market in Australia with the PowerCurve Customer Acquisition solution.
“As a fintech, outsourcing this sort of work hasn't always been an option for us, but Experian’s cloud-based offering and SaaS model makes it's infinitely more accessible, practical and feasible for companies like ours,” Stoyan added.
