MarkOne Financial automates loan processes with ACTICO Rules
MarkOne Financial is a specialty financing company headquartered in Jacksonville, Florida, that purchases automotive contracts from both franchise and independent dealerships. Until 2011, underwriters at MarkOne processed each credit application manually. A single application required the evaluation of a dozen or more rules based on specific data points (the vehicle, region, dealership and customer). This manual loan process took anywhere from 15-20 minutes before the decision was sent back to the dealer. The process was repetitive, time-consuming, not sclabale long term and not competitive in the market. Upon this realization, MarkOne began seeking a rule-based software solution while taking into account time constraints, automation and responsiveness to changes in the market.
After evaluating multiple rule processing solutions, MarkOne invested in ACTICO Rules. ACTICO's intuitive business rules management software empowered MarkOne to automate, maintain and optimize their credit decisions. Using ACTICO Rules, MarkOne business analysts can model rules graphically and deploy them directly into production. The more complex rules use more than 50 data points from various data sources, such as credit bureaus and vehicle valuations.
ACTICO consultants were onsite for three days to help train MarkOne employees and to improve their existing rules. MarkOne employees could model independently upon completion of the training and the first implementation of ACTICO Rules was accomplished within three weeks.
Within the first few months after deploying ACTICO Rules, MarkOne processed double the number of applications while significantly improving their response time. Equipped with an automated loan process and no longer needing to hire as many underwriters for market expansion, MarkOne reaped numerous monetary benefits. The intuitive user interface and ease of deployment also led to reduced IT resources. Changes to the rules could be tested and deployed in a matter of hours.
“ACTICO Rules allows our business analysts to model our rules and calculations on a canvas that can then be directly deployed into production. Since tedious programming is no longer needed to implement our rules, we are able to take our changes to the market much faster.”
Nikhilesh Nath, Chief Information Officer at MarkOne Financial
Download our Success Story and discover how MarkOne Financial optimized its decision processes with ACTICO Rules.