Overview
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, SoFi was aiming to benefit multiple customer profiles, including those who may not have been automatically approved, to move people and businesses to their money in a faster, more efficient, and automated way. 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, aiming to streamline and expedite the credit approval process while minimizing human bias and error.
action plan
evolv responded with teams of technical and functional resources that agilely worked within the client’s technical architecture.
Steps
1
Translated business requirements to a minimal viable product with user stories for the dev team with real-time, automated testing loops.
2
New system enhanced the customer journey and overall experience by applying real-time security and authentication that adds incremental approvals and expedited decisions.
3
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.
An anticipated 5% increase in variable profit
Due to a new line of business and enhanced credit strategy.
Automated processes Implementation
has minimized risk, ensured compliance, and now autonomously funds almost all loans while extending automation across the business with minimal IT support.
