Custom Credit, established in 2021, aims to assist underserved customers in the UK facing challenges with traditional affordability assessments.
They employ Open Banking and user-friendly technology to offer adaptable loans with variable Flex Low ® and Flex Max ® payments. In addition, through partnerships with charities and support for apprenticeships and financial literacy programs, they strive to enhance financial awareness and address ongoing financial difficulties in the UK.
The challenge
Facing the challenge of refining their loan decisioning process, Custom Credit sought an off-the-shelf solution that would seamlessly integrate with a decision engine, provide access to both traditional bureau and open banking data, and facilitate continuous improvement.
The chosen solution also needed to be user-friendly for non-technical staff and allow them to interrogate, update and promote decision logic through regular testing.
The solution
Custom Credit found a comprehensive solution in LendingMetrics' suite of products.
Through LendingMetrics, they can access Equifax and Experian data in one contract via the LendingMetrics Exchange, real-time Open Banking data integration through OpenBankVision, and reach crystal clear outcomes with the lightning-fast decisioning capabilities of Auto Decision Platform.
This combination of tools enables Custom Credit to gain a detailed understanding of each customer, facilitating clearer decisions, especially in cases involving irregular income and expenses. With the Auto Decision Platform, they can swiftly implement and compare decision logic, analyse results, and make quick adjustments, all within one platform.
The functionality of ADP, combined with the data from OBV and LMX allows us to quickly build a picture of our applicants, enabling us to better serve our customers. ADP is really intuitive, without a technical background, I have been able to make simple changes and promote scorecards from the Test to Live environments.
The future
ADP's user-friendly features allow both technical and non-technical teams at Custom Credit to modify logic efficiently, saving time and avoiding potential bottlenecks. The ability to copy and paste engines within the platform has proven highly beneficial as well, saving hours that would otherwise be spent recreating existing logic.
Custom Credit plans to leverage the strengths of the Auto Decision Platform to expand their pipeline and continue to provide more flexible and fair loan products to better serve their customers in the future.
