Digital Transformation

Making searching for a loan 'smarter'

Read how we helped Money Supermarket to launch a new "smart search" loans product in double-quick time.

  • Brief

    MoneySupermarket came to us to implement the online "Smart Search", designed to help loan applicants overcome a common issue. To be accepted for the best rate, applicants need an excellent credit score. Yet making several unsuccessful loan applications in a short space of time can negatively impact applicants’ scores and make finding the right loan harder.
  • Solution

    Working alongside HD Decisions, the leading provider of data and technology products for the financial services market, we developed their industry-leading 'soft search' tool for personal loans. The 'soft' checks are still visible on an applicant’s credit report, but they don’t affect their credit rating like a 'hard' check can.
  • What we did

    • UX
    • UI
    • Web Development
    • CRO

Making it so MoneySupermarket

To be able to embed the search seamlessly into the website, we needed to replicate the look and feel of the site as much as possible through the design. Using Microsoft software, we hooked into the HD Decisions platform and used several web services to retrieve real-time data from various credit bureaus so that we could present a number of up-to-date results for users.

Qualifying the customer

When they fill in an application, customers are asked to enter some basic information, including their name, address, date of birth and salary. Then their credit file is matched to the lender’s score criteria to assess their eligibility. Lenders use specific criteria for accepting or rejecting applicants, which is typically based on their credit score, the information they’ve provided, and the lender’s own set of rules.

The most suitable product

Based on a dynamic algorithm built into the search tool, the HD Decisions “Smart Search” returns a list of the most suitable loans for a potential customer. It also gives users a probability score that tells them how likely their application would be accepted. Borrowers can use that information to decide whether or not to apply for a loan and avoid making lots of unsuccessful applications that might harm their credit rating. 

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