The purpose of an automated credit decisioning system is to determine a credit applicant's worthiness for a specific credit product. On the surface it seems simple, but dig into the credit decisioning requirements of any top-10 U.S. financial institution and a whole host of complex criteria emerge.
Financial institutions rely on credit decisioning solutions to transform a manual, slow, resource-intensive, and inaccurate process into an automated, realtime, efficient, and accurate process. This 180 degree reversal requires a system that can process an objective set of credit worthiness criteria against a unique set of credit data, in realtime, thousands of times every minute.
The environment the system runs in has to be able to scale to volumes orders of magnitude higher than its average capacity. It must be secure and reliable hosted service environment that the institution can count on 24/7/365.
Additionally, the credit decisioning system must allow the financial institution's business users to change their business rules, processes, and criteria at the drop of a hat. Most credit decisioning solutions in the market today do not support this level of flexibility, thus prohibiting financial institutions from responding quickly to market changes, a necessity in today's saturated environment. A system that includes a set of business user tools to facilitate the realtime modification of pretested criteria and the rapid change of complex business rules and processes is absolutely a requirement for financial institutions.
Credit decisioning is a huge part of the origination segment of the credit consumer life cycle. Financial institutions need a credit decisioning solution created by an experienced vendor. That solution should support accurate, automated decisioning in a scalable, reliable, and secure realtime processing environment. The credit decisioning system should allow for rapid rule, process, and criteria modification through a set of sophisticated GUI tools. These tools will enable financial institutions to react to the market and adapt their business strategies to changing industry trends.
Financial institutions rely on credit decisioning solutions to transform a manual, slow, resource-intensive, and inaccurate process into an automated, realtime, efficient, and accurate process. This 180 degree reversal requires a system that can process an objective set of credit worthiness criteria against a unique set of credit data, in realtime, thousands of times every minute.
The environment the system runs in has to be able to scale to volumes orders of magnitude higher than its average capacity. It must be secure and reliable hosted service environment that the institution can count on 24/7/365.
Additionally, the credit decisioning system must allow the financial institution's business users to change their business rules, processes, and criteria at the drop of a hat. Most credit decisioning solutions in the market today do not support this level of flexibility, thus prohibiting financial institutions from responding quickly to market changes, a necessity in today's saturated environment. A system that includes a set of business user tools to facilitate the realtime modification of pretested criteria and the rapid change of complex business rules and processes is absolutely a requirement for financial institutions.
Credit decisioning is a huge part of the origination segment of the credit consumer life cycle. Financial institutions need a credit decisioning solution created by an experienced vendor. That solution should support accurate, automated decisioning in a scalable, reliable, and secure realtime processing environment. The credit decisioning system should allow for rapid rule, process, and criteria modification through a set of sophisticated GUI tools. These tools will enable financial institutions to react to the market and adapt their business strategies to changing industry trends.
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