How we’ve reinvented core business functions, from marketing to credit scoring, with data and machine learning

Avant, a Chicago-based frontrunner in the financial technology sector, has always recognized the potential of harnessing data-driven intelligence - they currently connect 3 million customers to $9 billion in loans and 1 million credit cards.

To further amplify their capabilities, especially in the realm of data and machine learning, Avant sought the expertise of Qubika.

10%

Acceleration in prediction time for machine learning models
15+

Productive machine learning models
60%

60% reduction in data initiative costs
56%

Increase in velocity

Using machine learning to rapidly assess someone’s credit worthiness

Avant wanted to create a faster, more effective credit assessment process. The task was to use cutting-edge technology to not only accelerate operations, but also enhance accuracy and personalization.

Solution

Qubika and Avant first established new data pipelines

We put in place new data pipelines that were explicitly tailored to empower Avant's credit scoring systems.

This wasn't just a surface-level change - we incorporated machine learning algorithms that dug deep into various metrics, including customer payment histories, credit bureau reports, and specific transaction data.

Impact

The outcome of this initiative was multi-faceted

Firstly, Avant experienced a reduction in its default rates. Improved cash flows were another notable benefit. On the customer front, the experience was enhanced due to more accurate and personalized assessments.

Transforming Marketing

Building a data pipeline along the customer journey to transform marketing

Avant recognized the potential of acquiring new customers and understood the importance of marketing in achieving this goal.

They understood the potential of technology to identify clearly the marketing channels which were most effective in attracting and converting new customers.

Solution

We developed a data pipeline tailored to provide insights into the customer journey

This wasn't just about tracking numbers; it was about understanding the nuanced journey of a potential customer from their initial interaction with Avant to the point of conversion.

The data pipeline aggregated data from various sources including their website, social media platforms, and email campaigns. This data collection was further processed and analyzed to identify the most effective marketing channels.

Impact

The new data-driven approach to marketing brought forth numerous benefits for Avant

The ability to pinpoint which channels were driving the most conversions meant that Avant could allocate its resources with greater confidence and efficiency.

This led to a twofold positive outcome: an increase in the number of new customers and a decrease in customer acquisition costs. Furthermore, the insights provided by the data pipeline allowed for real-time adjustments, making the marketing strategy agile and responsive.

Intelligent Automation

Streamlining the dispute resolution process with intelligent automation

Avant wanted to enhance the use of their data warehouse, to improve and streamline their dispute resolution process while also ensuring regulatory compliance.

Solution

Avant set out to develop a workflow that could effectively harness the power of their data warehouse

The solution was an automated dispute resolution workflow that used machine learning algorithms and data visualization tools. It enabled the rapid identification of relevant transaction data and its subsequent analysis.
By focusing on real-time data, this new system provided Avant's Operations team with the necessary tools to review cases quickly and make informed decisions regarding disputes.

Impact

The restructured dispute resolution process had a profound impact

The restructured dispute resolution process had a profound impact. The automated and data-centric approach streamlined the process. Ensuring regulatory compliance became more straightforward.

The operations team was empowered to rapidly handle cases, resulting in increased customer satisfaction.

Let’s work together

Get in touch with our experts to review your idea or product, and discuss options for the best approach

How we’ve reinvented core business functions, from marketing to credit scoring, with data and machine learning

Using machine learning to rapidly assess someone’s credit worthiness

Qubika and Avant first established new data pipelines

The outcome of this initiative was multi-faceted

Building a data pipeline along the customer journey to transform marketing

They understood the potential of technology to identify clearly the marketing channels which were most effective in attracting and converting new customers.

We developed a data pipeline tailored to provide insights into the customer journey

The new data-driven approach to marketing brought forth numerous benefits for Avant

Streamlining the dispute resolution process with intelligent automation

Avant set out to develop a workflow that could effectively harness the power of their data warehouse

The restructured dispute resolution process had a profound impact

Let’s work together

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