Nationwide has sped up its credit decisioning capability by 50% after migrating 1.5 million monthly credit decisions across mortgages, loans, and cards to the cloud-based Fico Platform.
The transformation involved moving to a single, cloud-hosted system for decisioning across mortgages, credit cards, personal loans and current accounts, delivering what Nationwide refers to as 'credit-risk-as-a-service'.
By leveraging Fico Platform’s orchestration capabilities, Nationwide incorporated external data providers into its workflows, improving accuracy in affordability assessments and income verification.
Andrew Lawrie, tech lead for credit risk at Nationwide, says: "We’ve moved from a fragmented legacy system to a unified, scalable decisioning framework. This transition has empowered our teams to implement changes faster, minimize risks, and provide customers with faster, more personalized experiences.”
The UK building society now uses the system to process around 1.5 million credit decisions monthly. This has led to a 50% reduction in the time required to update scorecards, decision trees, and other decision components, as well as a 30% faster process for implementing new strategies.
“Transforming a system of this magnitude is no small feat, but the results speak for themselves,” says Lawrie.” We didn’t just move mortgages, loans, and cards to the Fico Platform; we reimagined how we make decisions. Now, changes that used to take weeks can be implemented in days, and our customers are seeing the benefits with faster, more personalized service.”
He says the lender has successfully migrated five products in 12 months, with plans to integrate overdrafts and credit line increases by 2025.