In the last 7-8 years the consumer experience on price comparison sites has dramatically improved for people looking for a credit card or a loan. HD Decisions is proud to have been a big part of that innovation. And there is more to come…
Millions of consumers use price comparison sites every month. They offer convenience, a single view across a complex market and consumers like to know they are getting a good deal.
The problem for consumers looking for a credit card, a loan or a mortgage is that very few consumers qualify for all of the products in the market. This is because every lender will do a credit check and will have their own rules for who they will accept and who they will decline.
This means that trying to pick the right product from a simple rate-table is a bit of a lottery, because you might get rejected and damage your credit history.
HD Decisions was created to solve this problem. We have built the technology that can now profile a consumer in a matter of seconds and match them to products that they will be accepted for. Lenders trust HD Decisions with their credit policies so that the recommendations can be as accurate as possible.
Many of the leading price comparison sites (and similar credit report services) now use HD Decisions. With a short form that takes less than 60 seconds to complete, and a quick submission to HD (that takes less than 5 seconds to return results), consumers can quickly see which products they can and cannot get.
Future innovation is coming… including extending this approach into the Mortgages space as well as returning greater granularity about the Cards and Loans results.
We believe so. And so do the UK Banks and Regulators. Which is why so many of the UK’s top banks have asked HD Decisions to build them a quotation search proposition.
Banks have increasingly believed they should allow consumers the chance to shop around to find out if they can get a product and at what price, before fully committing to the application.
Banks want to do this for a number of reasons; it is good for their customers, it saves downstream costs and frankly the regulators are encouraging it.
These sorts of projects are difficult for banks as they require a specific set of skills and judgment, while IT and Credit Risk resource is often very scarce.
HD Decisions have built up a capability and best practice to fully understand what the client needs in this space and then to deliver these projects. We do this in a surprisingly short time frame, typically 3 to 5 months. We specialise in the building of appropriate decision engine solutions that can be multiple bureau and multiple input where it is needed, always using a ‘soft bureau search’. In addition, we often find that clients ask us to build the screen element of the journey so that the project can be delivered rapidly.
As of writing this in October 2017, HD Decisions has a live solution with almost every high street bank or major lender in the UK.
.. but finding the right mortgage can be confusing and time consuming for consumers and brokers alike. It shouldn’t be such an ordeal.
The Mortgage Market Review (MMR) in April 2014 introduced new steps and processes to ensure that the consumer was taken care of and received the right advice when applying for a mortgage. This included adding in more checks to ensure that the mortgage was affordable.
One perhaps unforeseen consequence of MMR is that the credit and affordability assessment steps of getting a mortgage have become a lot more complicated and therefore less understood by key people in the industry.
For a broker this has become a lot more opaque than before. For consumers, this was always a mystery!
HD Decisions is working with brokers and other partners to help consumers find out quickly which lenders will lend to them and how much they can borrow.
Mortgages are complicated financial products and choosing the right one is an important and sometimes difficult decision. The platform we have built handles that complexity to make the comparison and choice simpler and more informed.
Our first solution in this space is live and is being trialled by a select group of brokers. Throughout 2017, HD Decisions expects to be able to publicly announce some key partnerships and successful trials in this space.