Following Covid and an ever-changing U.S. political landscape, many student loan holders were uncertain about their future and the student loan debt they were carrying. SoFi wanted to help as many qualified customers as possible by providing the opportunity to refinance at rates that are/were at historic lows, while making sure they were fully informed about all options available to them depending on the types of loans they held.

The goal of the project was to leverage the most advanced low code/no code technology and agile processes to increase SoFi’s approval rate and refinance as many loans as possible. It was critical that the team meet an August 1 deadline to ensure it could be rolled out nationwide before the school term started.

SoFi benchmarked the project alongside its previous DevOps effort with its in-school college loan application. As a result of building out new automation and leveraging low code/no code technology enabled processes via the Provenir Decisioning platform, SoFi was able to complete the project and go live in a shorter timeframe (within 10 weeks) with a small but efficient development team (representing a reduction in development resources of 44 percent) and at a cost that was over 57 percent less than the cost of development of similar application platforms.

SoFi’s student loan refinance platform enables consumers to apply in minutes with a more than a 25 percent improvement in underwriting speed.

Additionally, a key benefit was streamlining the regulatory process. SoFi has a requirement to file for approval in all 50 states every time a policy changes and ensure compliance with 50 sets of rules and requirements governing terms and conditions such as minimums, interest rates and age restrictions, etc. By using the Provenir platform to design agile regulatory processes, SoFi has been able to adapt very quickly to policy updates and implement needed changes very quickly, for best-practice compliance and governance.

One key area for cost and time savings was in application testing. With the new student loan refinancing platform, much of the testing was automated so that thousands of testing scripts/transactions could be tested with the click of a button. SoFi also found they were able to rationalize the number of test scenarios and parameters to approximate real-world scenarios. This allowed the team to run 90 percent fewer test scenarios – from 4.5 million to 500,000 – and still deliver the same quality of product with zero defects.

The resulting DevOps efficiencies are enabling SoFi to reallocate the newfound developer resources to focus on other SoFi tech initiatives. Moreover, the new next-gen DevOps approach is empowering the SoFi development team with a new mindset as to what can be accomplished via automation.

The team has “broken free” of this instance of technical debt, by working to build out and improve the development infrastructure while building out the product. As a result, SoFi has now disseminated these learnings throughout the organization to help spread these low code/no code agile best practices to the wider application development team to adopt this new way of thinking and driving improved application development efficiencies across the organization.

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With several acquisitions and plans to enter the Danish e-commerce market, Resurs Bank decided it needed a risk decisioning solution that would support growth and deliver faster response to customers. In particular, the bank wanted to create a uniform credit approval process, make better use of information about customer behavior and enhance its e-commerce experience. It also wanted to increase business agility by eliminating the need for IT assistance whenever credit scoring models required changes.

In less than six months, Resurs Bank configured and deployed a new digital credit decisioning solution in Denmark, including integration with the e-commerce platform as well as Experian and Dun & Bradstreet. Provenir is now automating credit scoring and decisioning for an initial two Danish retail partners. “We are very pleased with how quickly Provenir can execute a decision,” says Johan Ljungström, Program Manager at the bank. In addition, the credit department can now make changes to its SAS risk models and re-deploy them within the automated decisioning process without any IT assistance.

Resurs Bank is planning to roll out the new solution to the rest of its markets, including Sweden, Norway and Finland, starting in the fall of 2016. Over time, the bank will be able to use the solution to improve customer pre-selection targeting through more effective use of internal data. In addition, Resurs Bank will further reduce costs and enter new markets more quickly with a single platform for credit decisioning across all of its businesses.

The Provenir Risk Analytics and Decisioning Platform offers a unified digital credit decision solution, including credit scoring, that Resurs Bank can use across all of its credit and lending products. The bank recognized that it could easily integrate Provenir with its existing e-commerce Web platform, internal databases and external systems and bureaus. “With the Provenir solution, we are able to consolidate the systems supporting credit decisions across our whole group onto one platform. We forecast significant growth in our transaction volumes in the future and Provenir, as best in class, is central to achieving this growth,”  says Fredrik Ridaeus, Resurs Bank’s Nordic Credit Manager.

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At Rent-A-Center stores, rentacenter.com and Acceptance Now kiosks housed in retail partner stores, Rent-A-Center (RAC) approves customers and assumes the risk for purchasing furniture, appliances, electronics and computers. A proprietary customer application and decisioning system was proving too cumbersome to keep up with demand. The inflexibility of the system prevented RAC from growing its brand and expanding products into additional locations and stores. RAC wanted to replace their existing system with a more flexible decisioning platform.

RAC first deployed the Provenir solution at almost 1400 Acceptance Now kiosks. Launched just before Black Friday 2020, Provenir performed flawlessly. The solution is now decisioning approximately 200,000 applications a month, providing customers with a response in under 10 seconds. RAC expanded Provenir to its ecommerce platform to decision 100 percent of its applications. RAC has not only increased the speed of application approvals, but also the quality of risk decisioning thanks to the ease of integrating both Excel and SAS risk models into the Provenir process.

The company considered several vendors in addition to Provenir including SAS and GDS Link. For RAC, the deciding factor in Provenir’s favor was its usability. The RAC team also liked that visual testing is available, eliminating the need to deploy models in a test environment. In addition, the company has taken advantage of Provenir’s configurable integration adaptors to aggregate data from multiple third parties including CoreLogic, ID Analytics, TransUnion and FactorTrust.

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Doruk Faktoring’s mission is to expand their portfolio of corporate clients by serving micro and mid SMEs and to provide the fastest and easiest faktoring solutions using digital channels and analytics solutions. To support this growth, they needed to replace their manual processes with automated decisioning and needed a solution that could be implemented quickly. With a small IT support team, they were also seeking a user friendly, flexible platform that would require minimal IT support in both implementation and production phases.

Doruk Faktoring chose Provenir over other vendors and developing their own decisioning engine in house for several reasons, chiefly the platform’s flexibility, minimal implementation time and reliance on IT, and cost effectiveness. The ability to develop and run models written in native Python or R directly in Provenir was also a key advantage over competitors. Provenir also provides the capability to easily integrate with different data sources including credit bureau, web services, and their own databases.

With Provenir installed, existing manual approval processing that took 30-60 minutes is now completed in less than a minute. “Without this speed, it is impossible to grow. This is step one to offering better digital resources to small companies,” said Ilker Arslan, Business Analytics Director. “We now have a robust risk management system that also allowed us to create an early warning process so we can screen our portfolio daily, something that was impossible to do manually.”

Provenir’s Professional Services team helped Doruk Faktoring go live quickly. “I am accustomed to IT projects taking much longer to implement so I had my doubts when Provenir presented a three-month timeline,” said Arslan. “The entire Provenir team was very knowledgeable and supportive. We actually went live even sooner. My team is very self-sufficient now, thanks to the training Provenir provided. They are also very quick to respond when we do have questions.”

With automated decisioning, the sphere of competition expands. “With this digitalization, we can now compete with banks. When a small SME goes to a bank for credit, the credit line process may take weeks. But with our fast and quality digital service, we can finalize a request in a few minutes and pay the customer the same day,” added Arslan.

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