The technology, provided by DecisionBureau, is anticipated to increase applicant match rates and data volume which will allow Nationwide to make more robust credit decisions, increase acceptance rates and reduce its levels of risk.
Iain Laing, chief risk officer at Nationwide Building Society, said: “This will allow us to draw data from any combination of the three major credit bureaux thereby providing many advantages in terms of greater insight, improved decisions and the ability to construct a more comprehensive picture of an individual’s overall level of affordability which is key in the current economic climate.”
Nationwide is using DecisionBureau as part of its strategic risk infrastructure initiative. This will give its risk management group greater ability to respond to the changing demands of its members whilst at the same time keeping its offerings competitive in an environment of increasing competition and regulatory scrutiny.
Nationwide’s strategy will be to run all new credit applications for its entire suite of products through the new multi-bureau platform.
Gary Scott, managing director of DecisionMetrics, said: “Our multi-bureau decision-making software is unique in the marketplace and the Nationwide solution is our most sophisticated yet.
“It will not only provide Nationwide with the ability to seamlessly switch between credit bureaux but it will also calculate a completely independent coded block which will enable Nationwide to change its bureau strategy without any impact on its credit policy or decisioning systems."
