New feature: Supersearch

NestEgg’s Decision Engine now searches for hidden addresses. Retrieving six years of addresses, these are automatically used for instant lending decisions. Supersearch provides up to four addresses. And this is at no extra cost.

Saving time for applicants and Loans Officers alike

Supersearch improves the ‘customer journey.’ Minimising the number of addresses an applicant needs to enter, reduces friction. Consequently, it’s quicker to apply for a loan. Because of this, drop off rates fall… and the loan book grows.

Loans officers waste less time because they need only enter additional addresses if an applicant has recently moved. Loans can be entered into the Decision Engine in seconds. And all from one screen.

Supersearch helps prevent application fraud. It does this by spotting when:

  • Applicants fail to declare a previous address
  • Debtors abscond
  • Borrowers leave properties without paying bills
  • People commit fraud
  • First payment defaulters take the money and run

Information from creditors reveals hidden addresses. Post Office and fraud reports are used. The electoral roll is searched as well.

Supersearch is one of many Decision Engine features that reduce lending risk.

What’s more, flexible policy rules and credit scores make it easy to align the decision engine to lending policy.

An over-indebtedness score predicts payment difficulty. Affordability checks confirm income. Open Banking provides a Financial Health Indicator using the 50/30/20 budgeting rule. Spending alerts are triggered for gambling and high cost credit. Bounced payments are highlighted. Debt collectors are listed.

What’s next?

Our Software as a Service model ensures that our clients benefit from ongoing development. The Decision Engine and Application Workflow constantly improve. We have released dozens of enhancements over the past two years – as prioritised by our User Group.

Furthermore, new developments are on the way. For example, the Decline to Accept service. Additionally, a mobile app built for the Affordable Credit Challenge is to be beta tested. Along with back office integrations, e-signatures and financial health indicators, the list of must-have Decision Engine features is growing fast.

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About Adrian Davies

Adrian is a co-founder at NestEgg. He is an alternative finance and credit union expert with extensive experience of start-ups, business development, IT, Target Operating Models and regulatory compliance. Adrian has 20 years’ experience in the responsible lending sector, supporting credit unions with innovative ideas so they can grow and meet service user needs.