Flexibility is Key in Consumer Financing & Lending Post COVID-19
Last year we partnered with Harvard Business Review Analytic Services to survey senior leaders to identify use cases for and implementation challenges with AI. Our research found that operational decisions are an overlooked area and missed opportunity. Jim Marous, Co-Publisher of The Financial Brand, reiterated this insight in arguing that “digital transformation cannot occur without rethinking of the back-office processes” including how to streamline operations and integrate new data sources.
Now that we’re months into living with COVID-19, the need for FIs and other businesses to reexamine back-end operations is clearer than ever. Businesses across industries are realizing that agility is not inherent in efficiency. John Tate, Head of Analytics Solution Design & Delivery at Enova Decisions, explores this topic further in a recent article with The Financial Brand to discuss why the ability to act and react quickly is the key to survival for consumer financing & lending institutions and how leveraging decision management technology can enable both efficiency and flexibility.
For example, one of our healthcare services clients that provides in-house financing options to their patients was facing a significant price increase for one of the data sources they were using in credit risk assessment. Cutting costs was crucial as COVID-19 led to reduced and delayed patient appointments. Because their credit decision flow was already deployed on Enova Decisions Cloud, our decision management platform, we were able to work with them to test alternative data sources, modify the scorecard, integrate the winning data source, and go to production in a matter of weeks.
Contact us today to learn how our decision management solutions can help your business effectively detect fraud, assess credit risk, and manage collections in these uncertain and dynamic times.