Challenger credit reference agency Credit Kudos has launched Assembly, a new Open Banking decision engine that will enable credit providers to automate policies and implement real-time decisioning.
According to Credit Kudos, the new technology will help to save lenders thousands of hours in manual underwriting and will also mean they can build automated, real-time policies based on Credit Kudos’ insights into affordability, vulnerability and risk.
Using Assembly, credit providers can also combine other data sources, such as a bureau score or applicant-stated income, into the one decision engine.
Credit Kudos said that using its new decision engine, credit providers will be able to trial and forecast automated policies on different population groups without the need for analysts to manually test these changes.
Angus Clacher, head of product at Credit Kudos, said: “Our technology is transforming and modernising the lending sector to benefit both credit providers and borrowers.
“Our latest solution – Assembly – helps credit providers to scale by growing their loan book without having to increase operational costs, while borrowers benefit from much faster decisions.”
Lenders Admiral Financial Services and 247 Money have already adopted the technology.
“Assembly will be a real game-changer for us – allowing us to drill into the customer data available in the rich Open Banking environment to better automate, and speed up, our decision-making processes,” said Nicholas Jones, head of customer fulfilment at Admiral Financial Services.
In a pilot of the engine, 247 Money reported that the Assembly process meant they had the ability to make instant risk assessments on thousands of potential consumers who had very limited credit file information.
Credit Kudos CEO Freddy Kelly recently appeared as a guest on the Open Banking Expo Unplugged podcast series to discuss the company’s growth plans. Listen to the episode in full here.