• Case Study & Review

    Automated Process Increases Profit Margins

The Challenge

Veros Credit wanted to create a new software program to automate the process of evaluating loan applications. From data collection to final recommendations and the application of their proprietary risk assessment algorithm, Veros Credit urgently needed to alter their preexisting systems.

Due to the non-linear logic structure of the Veros Credit risk assessment algorithm, the process of creating an automated system was especially challenging. The decision tree structure was complex, as it included many iterative steps. In addition, the algorithm required over fifty pieces of data for each loan application, including information about the vehicle, the applicant, and the loan structure.

The Solution

Veros Credit had previously launched this project with an internal IT team, but brought in Technossus to accelerate the project timeline while simultaneously freeing up their internal staff to tackle other projects. Technossus created a team of developers that included some Veros Credit IT staff. The presence of the Veros Credit IT staff facilitated a smooth transition to the new automated system once the project was completed.

Using the Veros Credit scrum teams’ backlog and user stories, the Technossus team created a new service bus that provided the foundation for all the applications that drive Veros Credit’s core business model, now and in the future. The new platform efficiently managed how external vendors and other companies would be integrated, in addition to allowing the internal Veros IT team to work more productively with their external partners. The improved platform also made future integrations of additional services within the existing system much easier, allowing Veros Credit to streamline their overall management.

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Results

The Technossus team delivered a solution that successfully automated a highly complex process, significantly reducing both the labor and time required. The Veros Credit executives appreciated the improved profit margins that the new process of automation created.

The technical team was particularly proud of Technossus’s abilities to stay on schedule despite many requirements changing throughout the duration of the project. They also appreciated the close working relationships that the Veros Credit IT team forged with the Technossus members. The solution to Veros Credit’s problem allowed the new software program to run over 50 times faster, greatly increasing the efficiency of the preexisting process.