Decisionware is a highly sophisticated pre-underwriting tool that assesses a customer’s credit worthiness. This unique product can be used by lenders, intermediaries and consumers to profile an application for finance against a lender’s credit policy. This can include scorecard parameters, product rules and asset criteria where appropriate.
Consumer understanding of credit and the process that lenders have adopted has greatly improved over the past few years. Their ability to easily obtain their credit file has provided them with a greater understanding of their credit rating and the consequences of applying for credit from multiple lenders. However they will always be tempted by the lowest priced offers, many of which may not be suitable or match their profile. The impact of numerous searches invariably leads to a reduced chance of approval or indeed an outright decline. All of this could be avoided through Decsionware.
In addition following the well publicised reduction in the availability of credit, consumers are now less likely to obtain finance and potentially feel uncomfortable in making a face-to-face applications for fear of rejection or providing personal details such as income. Online solutions remove these concerns but what if a consumer could apply with the confidence of knowing that they would likely be approved? Decisionware uses detailed credit bureau data but does not impair a customer’s credit status. Powerful engines enable the product to match a customer’s individual circumstance to scorecard criteria, lender’s credit policies and asset parameters. Decsionware profiles the application and takes into account a wide range of information including;
- Applicant address, employment and personal details
- Financial parameters – deposits, term, payment/rental, residual
- Asset details – age, type, value
- A detailed understanding of credit bureau data and credit policies
Vendors who adopt Decisonware will benefit in a multitude of ways;
- Encouraging more online applications through improved consumer confidence
- Matching customers to the most suitable lender where a vendor operates with a funding panel
- The ability to treat customers more fairly and improve your financial services proposition
- Lenders receive an efficient flow of applications, which are most suited to their requirements and in so doing reduce their processing costs
- Manages product pricing where rate for risk applies
The consequences of getting it wrong can easily lead to the loss of the prospective sale especially as multiple applications will typically impair credit rating.
For Intermediaries the additional benefits include vastly reduced turn-around times the potential of a fully automated process where accompanied with Joinware, which will then reduce the overhead required to manage this aspect of the business.
Lenders can use Decisonware to automate manual underwriting processes which sit outside their scorecard. In addition those lenders, which choose to pass certain applications to other entities, will benefit from the accurate pre-filtering that Decsionware provides.
As Decisionware is a web service it can work in conjunction with your existing systems and processes to ensure that your entire financial services process operates with seamless efficiency.
