Consumer lending

Logo Tymit

Revolutionary credit card lender Tymit expanding thanks to the flexibility of ADP

Tymit’s mission is to “give people the self-confidence to live life to the fullest by offering them credit that’s smart, flexible and honest”.

With their instalment-based credit cards, they aim to provide a lending option for customers that is both flexible and transparent and with the assistance of LendingMetrics’ Auto Decision Platform (ADP), they have been able to do just that.

The challenge

Tymit provides digital and physical credit cards to customers, allowing them to purchase products using a payment plan in order to pay the debt off in instalments of their choice. This allows customers to manage their personal finances more easily without the additional stress of mounting interest and debt.

With their previous system, Tymit was limited in both speed and agility when it came to expanding the capabilities of their platform. Adding services, requesting changes and automating credit decisions was a highly constrained process, leading to slower than desired product growth and customer frustration.

They needed a platform that could speed up production while also supporting their values of transparency, flexibility and simplicity.

The solution

Tymit chose to work with LendingMetrics’ ADP; which provides an intuitive, user-friendly interface, completely customisable decision engines, and out of the box integrations to all major CRA data and Open Banking platforms.

“We’re very happy with the switch to LendingMetrics.” says Rajeev Marwaha, CRO at Tymit. He says above all, the flexibility and functionality that ADP provides has allowed Tymit to break free of the previous constraints that were holding the business back.

With one of their most recent clients, the iterative process within the implementation phase required Tymit to repeatedly access their ADP decision engines to fine tune their credit policy and logic. The level of accessibility within ADP made it possible for their team to make adjustments whenever they needed, even up to and following the point of going live.

In addition, the inherent ability to save and test passive engines within ADP before promoting them to live was extremely useful; allowing the team to run high volume live testing on decisions without affecting the live environment or the need to write test scripts, a hugely efficient feature.

The user-friendly design of ADP was yet another benefit for Tymit. The ability to pick things up quickly was pivotal in keeping the implementation process running smoothly. Adding to the reduction of the learning curve, assistance from the credit experts at LendingMetrics along with leveraging access to the ADP Video Training Series allowed the team at Tymit to go from beginners to ADP experts within a short period of time.

The result

Following implementation, Tymit is now benefitting from faster builds, better organisation of contracts and improved automated decisioning. With the help of ADP and the LendingMetrics team, Tymit is now able to confidently look to their next stage of growth: building partnerships and expanding the reach and effectiveness of their products.