Since our inception in 2013, we at Momenta Finance have been committed to providing unsecured business loans and alternative finance solutions to SMEs across the UK, leveraging partnerships with industry leaders like LendingMetrics to enhance our services. Our core focus is to offer transparent lending practices and empower our clients with the financial confidence they need to realise their business potential. We have supported a diverse range of businesses, across various sectors, always adhering to the highest standards of collaboration and expertise.
Momenta Finance boosts data-driven approach with LendingMetrics’
The challenge
In 2020, we reached a significant milestone when we were accredited by the British Business Bank to facilitate business lending during the COVID-19 pandemic. This was an exciting development for us, but it also brought to light various operational challenges within our organisation. Upon reviewing our decision-making funnel, we identified considerable opportunities to enhance our processes.
Determined to improve our decision-making through automation while valuing the expertise of our underwriters, we aimed to shift toward an “assisted decisioning” model. This would involve augmenting core processes with automated systems rather than replacing human judgment entirely. Consequently, we chose LendingMetrics’ Auto Decision Platform as our strategic partner to implement this new technology.
While our focus remains on lending excellence, we needed a partner who could guide us through the complexities of technological implementation. LendingMetrics was perfectly suited for this role. Despite initial reservations about the sophisticated capabilities of the Auto Decision Platform, the LendingMetrics team quickly brought us up to speed, involving us extensively in the implementation and launch process and integrating our feedback.
The implementation
“We are very data-driven,” we often say at Momenta Finance. Working with the Auto Decision Platform has opened up many avenues for optimisation discussions with LendingMetrics. Learning from data and making informed revisions to our decisioning processes are key pillars underpinning ADP’s design, aspects which have been pivotal throughout the implementation phase. This collaborative effort has resulted in a platform finely tuned to our specific needs.
Our close working relationship with the LendingMetrics team has been incredibly beneficial. “The biggest compliment I can pay them is their flexibility—it’s never just ‘computer says no’, it’s ‘let’s look into this’,” we often reflect.
The future
Looking to the future, we believe the perfect decision engine is just within our reach. We are committed to pushing further into embedded finance, deploying more innovative products, and upholding our data-driven approach. We are also exploring the potential of integrating AI to further enhance our decisioning processes, enabling us to analyse and learn from customer data more effectively.
As we continue to evolve, the Auto Decision Platform will remain central to our strategic vision at Momenta Finance.
Lending Metrics:
LendingMetrics is a multi-award-winning financial technology and data specialist. Its Auto Decision Platform (ADP) leads the way in assisted decisioning in the financial services sector, allowing lending approvals to be made in seconds rather than days. Since it was launched in 2016, ADP has permitted businesses to rapidly deliver increased lending volume, improve decision quality and reduce overheads. The platform utilises proprietary data solutions and is linked to all major credit rating agencies (CRAs) as well as other
third parties, including Open Banking platforms. LendingMetrics is registered as a CRA and AISP Open Banking provider and is authorised and regulated by the Financial Conduct Authority. It was named ‘Best Credit Risk Solution’ at the Credit & Collections Technology Awards four years running, and ‘Best Technology Partner’ at the Car Finance Awards of 2020. Additionally, it was named an Organic Growth 25 business after demonstrating high levels of growth, and has featured as a top 20 ‘premier’ company on the Credit and Collections power list two years in a row. The company’s robust technology and data infrastructure and “bluechip” partnership eco-system focus on delivering scalable and secure affordability, suitability and predictive solutions to the entire financial sector.
