The Challenge
Admiral Money was looking for a supplier with best-in-class data enrichment and automatic affordability check capabilities, utilising Open Banking data, to support quicker underwriting decisions for loan referrals while maintaining its disciplined approach to risk selection.
The Solution
Moneyhub deployed, at speed, affordability checks to support loan referrals utilising their market leading AI-powered categorisation engine.
The Results
Through partnering with Moneyhub to automate referrals, Admiral Money was able to approve an additional 18% loan applications*, reduce the underwriting time per application from 30 minutes to 15 minutes and further strengthen repayment rates and fraud detection.
“We’ve used Moneyhub to expand into new segments of customers, such as self-employed, giving us more data and confidence when looking at lending in new areas.”
*By adding Moneyhub into Admiral Money’s underwriting review process, they were able to approve an additional 18% of loan applications whose CRA score would have previously been referred, or edge case declines.