Case Study: The Bank achieves faster loan approvals and higher profitability with Innovify's real-time credit decisioning

The Bank cuts loan approval time from 3 days to under 10 minutes with Innovify

The Bank faced the challenge of slow, manual loan approvals that caused potential customers to seek faster alternatives from competitors. Additionally, its one-size-fits-all interest rate meant it was missing out on significant pricing efficiency. To address this, the bank partnered with Innovify to implement an automated credit decisioning system.

Innovify built and deployed machine learning models using XGBoost and AWS SageMaker to provide instant credit scoring and risk-based pricing. This solution cut loan approval times from three days to under ten minutes, leading to a 22% increase in customer acquisition. Furthermore, 95% of loans were auto-approved, and the profitability of the bank's loan portfolio rose by 15%.

The Bank