The client is a newly established and rapidly growing digital bank based in the United Kingdom catering to the Small and Medium Enterprises (SMEs) in the country.
The current loan underwriting process was manual with the underwriting team manually verifying lot of risk related signals to evaluate the creditworthiness of the business customer.
This delayed the loan sanction process and affected their customer base who wanted their loans to be sanctioned quickly for immediate business needs. Such a process was also not scalable and a viable alternative was needed urgently. The bank recognized the need to automate the loan underwriting process credit analysis process to improve efficiency and scalability.