Flexible Platform Delivers Faster, More Accurate Decisions, Improved customer Experiences and Operational Efficiency
Benefits
The Challenge
NewDay, a financial services company specialising in providing credit products to consumers in the United Kingdom, faced a critical challenge with its existing credit risk decisioning system. The system was scheduled for decommissioning, was proving costly in terms of release times and updates and was expensive and time-consuming to update, particularly for anything beyond configurable items in the studio tool. By finding a more cost-effective solution, NewDay sought to streamline its processes and allocate resources more efficiently. They also sought to remove the reliance on third-party software supplier resources for more complex changes and integrations.
NewDay wanted a solution that would allow them to incorporate new data items and make changes as needed easily. They sought to adapt quickly to market dynamics and customer demands by gaining more ownership over these changes through self-sufficiency.
They desired a solution that could handle both real-time applications with quick processing times and significant volumes of batched decisions within a finite time window. Additionally, they sought a faster delivery cycle by moving releases into test and production independently and conducting large-volume tests within shorter time windows.
The Solution
NewDay rebuilt their entire acquisition tech stack and determined that Provenir’s flexible AI-powered credit risk decisioning platform addressed all their Decision Engine requirements. The implementation of Provenir’s solution led to significant improvements:
- NewDay created a fully integrated component-based solution that extended across the entire credit lifecycle from originations through to management of charged-off and debt-sold accounts.
- NewDay is a data-rich business, and the integration of Provenir with NewDay’s extensive data lake accelerated a sophisticated and data-rich model environment to be deployed.
- Enabled NewDay to achieve faster delivery cycles, allowing them to deliver multiple credit decisioning changes within the same sprint. This allows them to service the business quickly, enabling the delivery of key strategic roadmap items in a timely manner.
- The solution also resulted in reduced onboarding time for new team members. The easy-to-use technology allowed for quicker familiarisation with the system, enabling new team members to contribute effectively in a shorter period.
- NewDay gained increased internal control over its decisioning processes. They were able to autonomously add new data sources and manage changes, providing them with greater flexibility and reducing reliance on external resources.
- Implementing Provenir’s solution also improved customer management and collections. NewDay now had greater control in delivering limit strategy changes, enhancing their decision-making capabilities in these areas.
“Provenir’s solution has been a good addition to NewDay’s tech stack. The platform’s advanced data analytics capabilities have allowed us to make faster, more accurate risk decisions, improving customer experiences and operational efficiency.”
Mandy Sumner, Head of Credit Implementation & Control at NewDay
The Results
Re-architecting the entire acquisition platform and the decision to work with Provenir as part of the solution helped NewDay to build a competitive advantage. They were able to respond quickly to market pressures, demonstrating agility in adapting to changing customer needs and industry trends.
- Agility in Market Response: Speed of change was reduced by 80 percent, allowing NewDay to quickly adapt to market pressures. Application processing time is now less than 1 second.
- Enhanced Internal Capabilities: NewDay now has more control over the decisioning process, eliminating vendor reliance.
- Cost Efficiency: Reduction in external costs for adding data items and managing system changes.
- Champion Challenge: Ability to truly measure the customer strategies across multiple risk-based segments enabling near real time optimisation.
- Provenir Marketplace: Access to boutique data sets for proof of concepts and beyond without the need for expensive and timely integrations.
- Personalised Offers: Provenir, powered by NewDay’s data, allows customer forbearance solutions to be fully personalised across all communication channels, creating an environment where the next best action for the customer is based on their individual and unique circumstances.
- Improved customer experience: NewDay believes in credit as a force for good and their expertise in providing innovative and progressive credit means they can responsibly say yes to more UK consumers, powering their everyday lives.
- Highly Skilled Team: the simplicity of the studio tool within Provenir enables NewDay to recruit, train and retain both entry-level and experienced Decision Systems Engineers.
NewDay plans to expand the use of Provenir’s solution across its entire decisioning lifecycle and explore new technologies and offerings under the “NewTech” initiative, a modern, cloud-based Consumer Credit platform powering NewDay and its clients.
