Nationwide has significantly enhanced its credit decision-making capabilities, achieving a remarkable 50% acceleration after transitioning 1.5 million monthly credit decisions related to mortgages, loans, and credit cards to the Fico Platform, a cloud-based solution.
This strategic upgrade entailed consolidating their processes into a singular cloud-hosted system for decision-making across various products, including mortgages, credit cards, personal loans, and current accounts. Nationwide has branded this innovation as ‘credit-risk-as-a-service.’
By utilizing the orchestration capabilities of the Fico Platform, Nationwide successfully integrated external data providers into its workflows, leading to improved accuracy in assessments of affordability and income verification. Andrew Lawrie, the tech lead for credit risk at Nationwide, emphasized the significance of this transformation: “We have transitioned from a fragmented legacy system to a cohesive and scalable decision-making framework. This shift has empowered our teams to implement changes more swiftly, reduce risks, and offer our customers a more rapid and tailored experience.”
Currently, the UK building society processes approximately 1.5 million credit decisions each month through this advanced system. The migration has resulted in a 50% reduction in the time needed for updating scorecards, decision trees, and other critical components, while also accelerating the implementation of new strategies by 30%.
Lawrie commented on the impressive results of the migration, stating, “Transforming a system of this scale is no small task, but the outcomes are tangible. We’ve not only migrated mortgages, loans, and cards to the Fico Platform; we’ve redefined our decision-making process. Changes that previously took weeks can now be executed in days, greatly benefiting our customers with quicker and more personalized service.”
Looking ahead, Nationwide has successfully integrated five product lines over the past 12 months and has ambitious plans to include overdrafts and credit line increases by 2025.