April 24, 2017
Our client, a leading home finance organisation in Saudi Arabia, was embarking on an exciting new journey within the credit space. As part of this initiative, Qarar was engaged in fulfilling the credit decision systems requirements, specifically relating to the data retrieved from the Saudi Credit Bureau and automating all bureau data related application acceptance rules.
The client had an established legacy system with limitations in terms of the ability and flexibility to define and apply the rules. Therefore, their credit staff had to apply these bureau based rules using a complex and multi-dimensional paper based matrix that was hard to interpret and subject to the risk of error in its application.
Due to the client’s new initiatives, it imposed a 40-day timeframe to fully integrate Qarar’s solution into its existing environment and to automate the policies.
The Qarar Approach
Utilising the domain expertise of Qarar Business Analysts and Technical Consultants, the client’s current environment was analysed to establish the best approach to achieve the client’s requirements. Qarar identified the new front-end environment process flow, factoring the multiple parties involved from the legacy system and limited timeframe of 40 days. The agreed best approach was a web-based credit decision system.
The successful implementation of the web-based credit decision solution included:
The project was completed and went live in under 40 days.
By quickly qualifying an applicant based on bureau data, the client has saved operational expenses and eradicated the risk associated with the incorrect application by credit analysis of a complex policy. Policy automation helped the client introduce new product innovations in record time.
While financial regulations may differ according to the country, the credit decision system can reflect a specific company’s laws and policies.
The policy automation delivered: