Auto finance fintech gets [i]sub-second[/i] loan decisioning
Direct credit bureau integrations and a microservices platform, launched 2 weeks early.
The challenge
The challenge
The challenge
The challenge
The challenge
Open Lending needed a platform that could [i]decide faster and scale[/i] with its lender network.
Open Lending needed a platform that could [i]decide faster and scale[/i] with its lender network.
Open Lending needed a platform that could [i]decide faster and scale[/i] with its lender network.
Open Lending needed a platform that could [i]decide faster and scale[/i] with its lender network.
Open Lending needed a platform that could [i]decide faster and scale[/i] with its lender network.
Open Lending helps 450 active lenders offer near-prime and subprime auto loans and has facilitated $27.9B+ in originations. Its next step was faster decisions and direct control of its data.
Platform transformation
Platform transformation
Platform transformation
Platform transformation
Platform transformation
Moving to microservices meant rewriting UI components and adopting containerization.
Decision speed
Decision speed
Decision speed
Decision speed
Decision speed
Faster underwriting helps dealers close more deals.
Data dependencies
Data dependencies
Data dependencies
Data dependencies
Data dependencies
An outside credit data provider created single points of failure.
Manual valuation
Manual valuation
Manual valuation
Manual valuation
Manual valuation
Vehicle valuation lookups added time and error risk.
Release velocity
Release velocity
Release velocity
Release velocity
Release velocity
Manual testing limited how fast the team could ship.
The vision for Open Lending
The vision for Open Lending
The vision for Open Lending
The vision for Open Lending
The vision for Open Lending
Open Lending wanted a product platform that could scale fast with microservices and containerization, eliminate unreliable third-party dependencies through direct integration with all three major credit bureaus, and accelerate loan decisioning.
What Praxent did
What Praxent did
What Praxent did
What Praxent did
What Praxent did
A real-time decisioning engine on microservices
A real-time decisioning engine on microservices
A real-time decisioning engine on microservices
A real-time decisioning engine on microservices
A real-time decisioning engine on microservices
Praxent rebuilt the core decisioning engine, migrated the platform to microservices and connected credit bureau, valuation and risk data directly.
Sub-second underwriting decisioning engine
Sub-second underwriting decisioning engine
Sub-second underwriting decisioning engine
Sub-second underwriting decisioning engine
Sub-second underwriting decisioning engine
Direct Experian, TransUnion and Equifax integrations
Direct Experian, TransUnion and Equifax integrations
Direct Experian, TransUnion and Equifax integrations
Direct Experian, TransUnion and Equifax integrations
Direct Experian, TransUnion and Equifax integrations
Kelley Blue Book, NADA and LexisNexis data in real time
Kelley Blue Book, NADA and LexisNexis data in real time
Kelley Blue Book, NADA and LexisNexis data in real time
Kelley Blue Book, NADA and LexisNexis data in real time
Kelley Blue Book, NADA and LexisNexis data in real time
Design system with 30+ components and CI/CD automation
Design system with 30+ components and CI/CD automation
Design system with 30+ components and CI/CD automation
Design system with 30+ components and CI/CD automation
Design system with 30+ components and CI/CD automation
Praxent validated workflows with finance managers and met 100% of sprint commitments throughout the engagement.
The results
The results
The results
The results
The results
Faster decisions, launched early
Faster decisions, launched early
Faster decisions, launched early
Faster decisions, launched early
Faster decisions, launched early
Decisions return in under a second, third-party dependencies are gone, and the core engine runs with 90%+ test coverage. The platform launched 2 weeks early.
Every sprint commitment was met.
Working together, we were able to help this automotive lending fintech overcome the challenges associated with potential staff attrition while quickly expanding its microservices architecture. We are proud to have supported them as they empower banks and credit unions to approach auto loans and better serve their communities more strategically.
