Unlocking New Efficiency & Revenue Opportunities for a FinTech Client
Overview
evolv’s rapidly-growing financial services client encountered risky challenges with their Credit Bureau Reporting (CBR). The organization faced issues relating to a lack of control, visibility, and centralized resources, augmenting the risk of non-compliance and litigation. Acknowledging the limited internal resources and capabilities to streamline CBR processes and implement necessary changes, the client turned to evolv Consulting for a solution.
tech stack used
action plan
evolv assembled a dedicated team to collaborate with the client’s stakeholders of various functions to gather a 360-degree view of the CBR processing, and identify any crucial gaps in policies and procedures. To mature the CBR program, evolv addressed the gaps and transitioned to selecting and implementing the right data-furnishing tool with an accelerated technical integration plan. To ensure the client’s credit reporting accuracy, regulatory compliance, and data protection, the team documented all data furnishing processes, and then automated portions to significantly reduce completion time. During implementation several complexities demanded consideration, including integrating data-ingestion into the existing and future-state processes during the client’s ongoing Snowflake migration. With effective stakeholder collaboration, evolv tailored their solutions to align with each operational framework.
Steps
1
Collaborated with client stakeholders to assess CBR processing and identify gaps in policies and procedures.
2
Addressed identified gaps and implemented a suitable data-furnishing tool with an accelerated integration plan to mature the CBR program.
3
Documented and automated data furnishing processes to enhance credit reporting accuracy, regulatory compliance, and data protection for the client.
Results
Enhanced Accuracy
Improved credit reporting precision, ensured compliance, minimized disputes & litigation, and fortified data governance to safeguard market reputation & operations.
Bolstered Reputation
Strengthened ties with credit bureaus & amplified leadership visibility, promoting trust & collaboration in the FinTech sector.
Streamlined Processes
Automated vital CBR aspects, improving efficiency, optimizing resource use, & elevating performance.
Comprehensive Partnership
Continued collaboration for a dispute management tool implementation, advancing their system & positioning the client as an industry frontrunner.
