Finova unveils Optimo: UK’s next-gen decisioning engine for lenders

Finova unveils Optimo: UK's next-gen decisioning engine for lenders

Finova, a prominent UK mortgage technology provider, has made waves in the financial sector by launching its cutting-edge decisioning engine, Optimo.

The primary motivation behind introducing Optimo is the pressing demand for lenders to swiftly configure pricing alterations. With the financial landscape’s dynamic nature, lenders need tools that allow them to be agile and data-driven, ensuring their decisions are tailored to the unique needs and circumstances of their clientele.

Operating at the forefront of the mortgage tech industry, Finova specialises in crafting innovative solutions that streamline and enhance the mortgage application and decisioning processes. Their suite of products is designed to make mortgage lending more efficient, accurate, and tailored to individual borrower needs.

Optimo, Finova’s newest offering, stands out by enabling lenders to make personalised decisions based on a plethora of data – from an applicant’s medical history to their financial and property information. By integrating affordability models, scorecards, and pricing, this unique tool condenses what used to be a 7-10 day process into a mere few hours, greatly reducing a product’s speed to market.

Furthermore, built upon Finova’s acclaimed Apprivo technology, Optimo functions as a flexible Software as a Service (SaaS) tool, seamlessly integrating with existing origination systems. Unlike conventional mortgage products that only focus on loan-to-value ratios, Optimo adopts a more holistic approach, evaluating affordability based on a myriad of factors.

Optimo also promises to alleviate traditional challenges lenders face. By enabling evolution in pricing strategy, lenders can benefit from risk-based pricing that adapts swiftly to market changes. Moreover, the engine’s capability to generate precise scorecards means it caters to customers who might have previously struggled to secure loans, such as the self-employed.

A standout feature of this innovative engine is its rapid response to market shifts, ensuring products are repriced in hours. This means lenders can provide continuous pricing, shielding brokers and their clients from the repercussions of sudden price modifications.

Finova Chief Revenue Officer Chris Little remarked, “Whenever a customer applies for a mortgage or a loan, the lender must make several rapid decisions about risk, liability, and affordability. In the past, lenders have shouldered significant risks when using traditional rate models, and this has sometimes led to financial losses and dissatisfied customers. Optimo, our new decisioning engine, is designed to revolutionise the process, protecting our lender partners from risk while ensuring borrowers can access the most personalised and fair rates on the market.

“In a fast-moving environment, innovative tech like Optimo is key to ensuring financial institutions can service customers quickly and fairly – and finova is leading the charge.”

Rowan Clayton, Product Director at finova, added, “At a time when rates are shifting and changing faster than many legacy systems can manage, Optimo offers a seamless SaaS solution that works out of the box and can slot into a lender’s existing originations systems with ease. Built on the foundation of Apprivo2, Optimo powers faster and more tailored decisions.

“Our hope is that the days of sluggish product launches and ‘one-size-fits-all’ products are over and that lenders who integrate Optimo can evolve their offerings with dynamic risk pricing and data-rich affordability models that not only reduce their risk but also enable them to underwrite loans for an even wider range of customers.”

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