“The experience and expertise of the Soda team enabled us to work with them to bespoke the models to suit our requirements. We were very impressed with how accurate the psycholinguistic analysis was in identifying the predictability of an applicant’s intent to pay, and the results are improving overtime as PROFILE really gets to know our customer data” — Kristjan Novitski, CEO, Peachy.co.uk.
Peachy Loans are a global online lending company. Their priority was to modernise personal finance by integrating highly technical solutions into their processes for the benefit of their customers. Standard credit and affordability checks were enabling Peachy to accept just 7% of their loan applications. In order to improve this, they wanted a solution that would offer insight into an applicant’s personal circumstances and lifestyle instead of just their credit score; thus enabling them to make better-informed lending decisions.
Peachy utilise Hello Soda in order to connect with their would-be borrowers in a much more meaningful way. Using a combination of our social connect API and in-house data analytics, Peachy has been given the opportunity to improve their business processes and target the areas that are key to business profitability. The speed and security with which they process each application has remained effective since integration, although accuracy has significantly improved. With previously inaccessible customer information at their disposal, Peachy have been using our solution to convert thin files, detect fraud, highlight no intent to pay, verify ID and much more.
The data returned by PROFILE has enabled Peachy to:
- Reduce loan defaults by 15%
- Increase their number of good accepts by 10%
- Verify customer ID
- Tailor their contact strategies
- Detect fraudulent applications
- Convert thin files
- Highlight no intent to pay
These improvements have had a hugely positive impact for Peachy and they have achieved more than they thought possible after integrating our solution.