A Leading Home Finance Organisation Partners with Qarar to Achieve its Policy Automation Objectives

April 24, 2017

Client Requirement

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:

  • A client specific workflow defined and implemented (see image)
  • Integration using web services to the legacy front-end system, including data validation to eliminate failed bureau calls due to invalid data
  • Integration to the Saudi Credit Bureau, automating the calls with configurable parameters to enable the elimination of duplicate calls
  • Client specific post credit bureau policy rules configured and automated within the solution.  These rules are fully configurable by the business and provide the client with an analytical decision to determine the applicant’s eligibility for the credit product they have applied for based on the bureau data

The project was completed and went live in under 40 days.

 

Client Benefits

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:

  • Automated accurate decision making based on Web-based credit decision solution
  • Rapid implementation of regulatory policies
  • Reduced cost through integration with legacy and modernised systems
  • Improved policy accountability
  • Cost-effective eligibility screening
  • Reduced training costs