Neo Financial
One of the largest, fastest growing, and most popular digital banks in Canada
Valuation > USD 1bn (unicorn status)
Website: https://www.neofinancial.com/
Download PDF“As a fast-growing fintech, we need tools and partners that are going to support us in our growth while allowing us to move at a fast pace. Taran has enabled us to implement a wholistic credit adjudication strategy to effectively gain new customers and give our team the tools to manage our existing portfolio.”
Brent Bishop, Chief Credit Risk Officer
Neo Financial’s adjudication goals
- Replace the existing credit decisioning infrastructure with an enterprise decision engine which allows a high level of flexibility to credit risk managers in designing and testing multiple adjudication strategies and processes simultaneously
- Allow for faster time-to-market when deploying new decisioning logic or its changes
- Eliminate dependency on engineering and developer teams and give credit risk managers the ability to have end-to-end ownership of their processes
Why has Neo Financial chosen TaranDM
- Platform-as-a-service” way of delivery – the decision engine runs at the client’s infrastructure (either cloud or on-prem), no sensitive data is shared with the vendor (customers’ personal details, etc.)
- Streamlined implementation & process migration, measured in weeks, and not in many months or years
- Modern technology stack – containerized, Python-based decision engine with microservices architecture
- Multiple out-of-the-box functionalities usually not available in other decision engines, such as Impact Report (simulation of decisioning logic’s changes against the status quo), batch decisioning, or Decision Optimizer
Implementation highlights
- TaranDM implemented and Neo Financial’s existing credit adjudication process migrated in less than 3 months
- Continuous knowledge transfer during the implementation & phase-in, along with TaranDM’s general customizability, has ensured that Neo Financial’s internal teams will not be overly dependent on us as the vendor going forward
- Higher flexibility when deploying new decisioning logic, for example:
- Credit product pricing now determined by the strategy and client historical profile/credit bureau record
- Specific strategies for selected partners which allow fine-tuning of approval rates/risk profiles and support of marketing actions and rollout plans
- Seamless A/B testing of strategies for various client segments
- Includes hundreds of pre-defined aggregations and it’s customizable further (client can create additional aggregations)
