credit data and decisions

not getting the full picture?

It's an increasingly tough climate out there for lenders - rising bad debt levels, greater scrutiny from the media and the continual rise in IVAs. So now, more than ever, you have to get credit decisions right first time.

Yet if you take the conventional approach, basing your decisions purely on information provided by the applicant supported by one principal external data source and a standard credit and fraud policy - you won't always make the best decision.

Not only could this have an impact on your bad debt levels - multiplied by the number of sub-optimal decisions made - it could also leave you open to criticism of not adopting a responsible approach to lending. And it doesn't take many bad decisions for the negative publicity to have a wider impact on the business.

so what's the alternative?

As ever, it's a question of accessing better quality information and knowing what to do with it. Which is precisely why we've developed smartdecisions. It's a bespoke product that gives you access to multiple data sources - all through a single online link - and interprets them to give you the best decision, every time.

smartdecisions can help strengthen your entire application processing strategy. Crucially, additional data sources, including multiple credit bureaux searches, can be used to assess decisions retrospectively and in light of this allow you to make a far more accurate evaluation of subsequent applications.

With this retrospective approach, similarities in data can give you greater confidence in your existing decisions, whereas differences may be important enough to change these decisions. And it's these decision changes that deliver benefits in the form of reduced bad debt or higher accept rates.

This can have operational benefits too, such as resolving non-confirmation cases or declining referral cases outright by automated means instead of manually, thus freeing up underwriters to focus on other areas.

a large slice off your bad debt

We can show you a strong business case for adding smartdecisions to your lending process. By investing in an in-depth analysis of wider data sources you can reduce bad debt levels substantially, resulting in significant long-term savings and increased profitability. And, as our clients will tell you, the immediate costs of implementing additional data are quickly outweighed by the longer-term implications for profit and loss.

smartdecisions will open your eyes to a whole new approach to assessing credit risk.

credit leads

An easy add on to smartdecisions is credit leads. This gives you a positive exit from an application decline by putting the customer in touch with other lenders who are more likely to offer them what they are looking for. It also gives you an unexpected income, making smartdecisions self financing.

AML and KYC

As any banker knows, liquidity is crucial in the current climate of the 'credit crunch'. What's more, attracting savers sooner rather than later could mean the difference between comfortably offsetting borrowings and struggling over the coming months.

At Jaywing, we have a proven track record of quick delivery. In just 3 months you could have an online, instant approval deposit account opening process up and running.