challenge
SoFi, a rapidly growing FinTech client, was looking to expand its business with a new credit strategy and personal lending products for existing and new members. SoFi’s existing infrastructure required maintenance of complex decisioning rules that were difficult to update as the market changed or opportunities presented.
Additionally, many of their ideal customers were not approved automatically and slightly risky (but still under-writable), thus customers were often declined. This created high operational/call center volumes and a subpar customer experience.
SoFi turned to evolv for automation balancing speed, accuracy and compliance/risk management.
approach
evolv responded with teams of technical and functional resources that agilely worked within the client’s technical architecture.
- Translated business requirements to a minimal viable product with user stories for the dev team with real-time, automated testing loops.
- New system enhanced the customer journey and overall experience by applying real-time security and authentication that adds incremental approvals and expedited decisions.
- evolv worked closely with business stakeholders, IT, and Risk to maintain alignment on progress and eliminate any inefficiencies or compliance and/or fraud concerns.
results
- Created a comprehensive Digital Lending Program and go-to-market strategy allowing SoFi to grow and maintain their competitive advantage against traditional banks/lenders that have struggled with digital transformation
- New line of business and enhanced credit strategy is anticipated to lead to a 5% increase in variable profit
- Automated processes have minimized risk, maintained compliance and now fund almost all loans without manual intervention
- Newly implemented methodologies have spread to automate other processes within the business, with a self-supporting team that acts autonomously in real-time with minimal IT support.
