LHV Bank is set to implement LendingMetrics’ automated decisioning platform (ADP) in a move aimed at enhancing the speed and flexibility of its credit operations.
The decisioning solution, developed by the technology firm LendingMetrics, will go live in the coming weeks across LHV’s UK offices in London, Leeds and Manchester. ADP will enable the bank to make credit decisions within milliseconds, it says.
According to LendingMetrics, the system allows lenders to build rules, scorecards and matrices using a range of data sources. It also gives in-house risk teams control to update decisioning logic in real time via a user-friendly interface.
David Wylie, commercial director at LendingMetrics, said: “LendingMetrics is firmly established as the go-to provider for rapid onboarding of automated decisioning, which is key for lenders wishing to grow business profitably. The new platform not only allows LHV to execute sophisticated and individual decisions in real-time, but also modify policies, algorithms and risk appetite instantly.”
WIDER AMBITIONS
The bank’s adoption of ADP forms part of a broader push into retail banking, including the development of a new current account. As part of this expansion, LHV is preparing a regulatory application to offer overdraft facilities—a move that will be underpinned by the automated credit decisioning capabilities of ADP.
Kris Brewster, director of retail banking at LHV Bank, said: “We are excited to be working with LendingMetrics and integrating their systems into our cutting-edge banking technology and App. This partnership supports our ambition to deliver a seamless and intelligent credit experience for our customers, starting with our regulatory application to offer overdrafts as part of our innovative new current account offering currently in development.”
LHV began UK operations in 2018 as a branch of the Estonian bank AS LHV Pank. Since securing its UK banking licence in May 2023, it has operated as a standalone entity, LHV Bank Limited. The bank provides services to over 200 fintech clients, alongside SME lending and personal savings accounts via Raisin UK.
