SmartSearch
Overview
SmartSearch is a new innovative service, which enables Lenders and their IFAs or Networks to undertake a composite consumer search combining credit risk, neighbourhood intelligence, affordability checks and of course the already compulsory Anti-money Laundering (AML) verification.
Pre-screening Suppression for
Payday Lenders
Smart Suppression pre-screen service provides Payday Lenders with an alerts service against new leads coming in to their system; where the Industry has previously seen the loan application which has had a negative outcome.
This enables the Payday Lender to identify rogue borrowers at source before they invest resource in processing applications. Importantly this platform provides Industry wide co-operative intelligence on previously granted loans, where borrowers have defaulted. It also identifies rogue borrowers, who submit fraudulent applications or claim a charge-back on their debit card after the event.
ID, AML, Validation Bank & CardVerification
Our scoring capabilities cover two main sectors. Firstly; Credit Scoring and Risk Assessment ensuring we match a consumer’s credit circumstance with a lender’s appetite for risk. Secondly; Demographic profiling, segmentation and scoring technologies drive our marketing programmes and database analytics. We blend both capabilities to ensure we recruit profitable new customers for our clients.
Real-time Network
Compliance
SmartSearch provides an Administration System which automatically alerts Network Operators to multiple levels of triggered alerts such as “Sanction Warnings” resulting from AML verification. Our system also gives Network Operators the ability to perform random compliance audits across the Network and the ability to programme automated follow up AML checks in subsequent years, where appropriate.
Credit Scoring Technology
SmartSearch utilises Credit Reference Agency (CRA) data along with the latest scorecard technology developed by Decision Metrics the UK’s leading credit analytics consultancy. The credit score quickly and easily informs a user how each consumer compares to the overall profile of the population. Key ratios such as Loan to Value, Loan to Income and Debt to Income also assist in this process. This enables users to prioritise their sales strategies based on the likely value of each prospective customer.
Demographic Dashboards
SmartSearch enables users to fully understand the demographic profile of their prospective customers before any detailed “fact find” begins. A detailed demographic dashboard illustrates multiple variables pertaining to the likely overall financial standing of an individual within their neighbourhood. Combined with their Credit Score and AML verification, this allows users to obtain detailed information about each prospective customer and the neighbourhood they live in.