Since acquiring Omni Capital in 2017, Castle Trust Bank has been able to offer accessible finance solutions to retailers, and over the past four years, LendingMetrics’ award-winning Auto Decision Platform (ADP) has powered their decisioning process. ADP allows credit risk professionals to run complex decisioning logic on credit data from multiple sources, in real-time with no coding required.
Castle Trust has worked with retailers nationwide to allow customers to spread the cost of their purchases. With their fresh and simple approach to point-of-sale finance, they are now one of the UK’s leading providers of consumer credit. When LendingMetrics first engaged with them in 2018, Castle Trust’s credit strategy was fragmented between in house technology and an external partner. This fragmentation led to inflexibility; Castle Trust needed to execute more of a “one size fits all” approach to credit risk. With a desire to offer customers a more seamless journey, and a need to incorporate a flexible risk strategy which could be tailored to suit the unique needs of brokers and retailers, Castle Trust adopted LendingMetrics’ Auto Decision Platform.
ADP is openly connected to all major CRAs as well as many other third parties, offering a universally connected suite of integrations to consumer and commercial CRA data, multiple Open Banking sources, eKYC and fraud products, accounting, device ID, HPI, mobile and email verification, AVM and Land Registry products to execute complex decision strategies. With ADP, Castle Trust can build, edit, test and deploy their own bespoke scorecards within a modern, easy-to-use interface.
Since implementing ADP, Castle Trust has doubled its overall lending through Omni Capital. They attribute this success to multiple factors: the increased flexibility afforded to them by ADP, greater emphasis on self-serve capability offered to their customers, and a robust suite of customer profiling and intelligence tools enabling a complete customer journey throughout the lifetime of their loan. ADP can pull data from multiple feeds, including Open Banking data, credit file and CRA affordability tools in order to create a robust affordability profile and reduce lending risk.
“We presented ADP as the best, future proofed solution for Castle Trust, and we’re delighted that it has continued to benefit them,” says David Wylie, Commercial Director of LendingMetrics. “The unique ADP logic editor ensures that not only can they execute sophisticated and individual decisions in real-time, they can also modify their policies, algorithms and risk appetite instantly too.”
Paul Hirst, Head of Credit Risk at Castle Trust Bank, agrees: “We want to see how we can develop and continue to grow our partnership with LendingMetrics. They are a strategic partner for us; ADP has helped to support our growth.”
You can watch the full video interview with Paul Hirst and Gabriel Falana of Castle Trust Bank on LendingMetrics’ website.