Bank TOP10 is one of the largest banks in Russia, the network of which has more than 1000 branches and additional offices throughout the country.
One of the largest Russian banks TOP10 has attracted oneFactor to improve its scoring system and automate decision-making processes.
In the framework of the project oneFactor automated underwriter’s functions in order to minimize probability of error, improved accuracy and speed of decision-making processes, reduced labor costs. Also it was necessary to supplement the Bank's own scoring system with external assessments of the client's behavioral profile. Using SmartMachine, the Bank significantly improved the decision-making system by increasing the total score sharing ability over 80% of the AUC. Automating underwriter’s functions allowed to minimize the probability of error, significantly speed up the average time for loan approval and optimize labor costs.
To date, over 75% of all loans in Russia have been issued using SmartMachine.
SmartMachine improved the quality of the bank’s existing risk assessment system by 12% according to the predictive power of Gini score and increased the conversion into online loan applications by 6-7%.