About a month ago, Senior Decisioning Consultant Krista Santucci and I gave a presentation at Experian’s 2011 Vision Conference on Decisioning as a Service. Due to the positive feedback we received, I thought it might be of interest to members of the communications industry who might not have had the opportunity to attend.
A common malady
The presentation revolved around a case study of an Experian client. Like many communications industry companies, this client had multiple acquisition systems in place to process consumer and commercial applications. In addition, many of the processes to mitigate fraud and support Red Flag compliance were handled manually. These issues increased both complexity and cost, and limited the client’s ability to holistically manage its customer base.
The road to recovery
At the beginning of the presentation, we provided a handout that listed the top ten critical functionalities for decisioning platforms. After a thorough review of the client’s system, it was clear that they had none of the ten functionalities.
Three main requirements for the new decisioning platform were identified:
- A single system to support their application processes (integration)
- A minimum of 90% automatic decisions for all applications (waterfall)
- The ability to integrate into various data sources and not be resource intensive on their IT department (data access)
Decisioning as a ServiceSM is a custom integrated solution that is easily applied to any type of business and can be implemented to either augment or completely overhaul an organization’s current decisioning platforms.
We designed this client’s solution with a single interface that manages both consumer and commercial transactions, and supports a variety of access channels and treatment strategies. Following implementation, the client immediately benefited from:
- Streamlined account opening processes
- A reduction in manual processes
- Decreased demand on IT resources
- The ability to make better, more consistent decisions at a lower cost
- The agility to quickly respond to changing market needs and regulatory challenges
Evaluate your own business
Do you recognize some of your own challenges in this post? Download our checklist of the top ten critical functionalities for decisioning platforms and evaluate your own system. As you go through the list, think about what benefits you would derive by having access to each of the capabilities. And if you’d like to learn more about Decisioning as a Service, please complete our form.