Shawbrook Bank, a prominent UK specialist lender, has significantly enhanced its personal loan pricing efficiency, now generating rates five times faster thanks to the implementation of a custom-built AI-driven pricing environment.
These advanced pricing environments serve as analytical frameworks that enable lenders to manage a multitude of rates influenced by various factors, including loan size, duration, and customer credit scores. Shawbrook has transitioned from a traditional local server system to a more modern solution that employs open-source Python programming and operates within the Microsoft Azure cloud.
This upgrade facilitates swifter decision-making, allowing the bank to be more responsive to market changes, thus enhancing its competitiveness. Additionally, it enables them to provide transparent and guaranteed offers to the appropriate customers at opportune moments.
Russ Thornton, Shawbrook’s CTO, highlighted the significance of this development, stating, “This marks another key milestone for us as a technology-driven lender, crafted by our in-house teams.” Last year, the 10-year-old bank announced plans to add 100 technology professionals to bolster its digital capabilities.