Near-prime lender, Startline, is restructuring its resources thanks to a new ‘decisioning’ software that will be able to raise the number of automatically rejected applications by 25%.
The change is being dubbed a “More people time” initiative by the firm would says the freed-up human time will be applied to for reviewing applications where a closer inspection and some research is required.
CEO Paul Burgess explained, “We have always made a point of highlighting the fact that we see the human element of our decision making as crucial to our positioning as a flexible prime lender, a business that will spend more time looking at the situations of individual applicants whilst still achieving market leading service levels.
“Our view is that several of the lending parameters used by traditional prime lenders no longer apply to many applicants today thanks to changing patterns in areas such as careers and home ownership. Making the right decision for these applicants unavoidably incurs more people time, looking at their situation in a more holistic manner.
“However, this doesn’t mean that, where no human intervention is needed, we shouldn’t seek to automate as many of our processes as possible and that is what we have done here. The technology is fast, effective, reliable and allows us to make sound lending decisions.”
Paul Burgess says that the time afforded to Startline’s team by the new software will be well spent, as his company’s research suggested that 20% of used car customers could be described as fitting into the near prime category, based on analysis of applications rejected by conventional prime lenders but which would be written by Startline.