Introduction
Every single day, we make around 35,0000 decisions. That works out to around one decision every two seconds.
It’s no wonder that we make mistakes every now and again. In business, however, a single poor decision can have a long-lasting impact, from financial losses to reputational damage.
That’s why businesses are increasingly turning to automated decision-making. In a world where time is our most valuable asset, automation transforms slow, manual processes into something that can be done accurately in seconds.
The shift to automation is already in full swing. 65% of financial services businesses now prioritise real-time, event driven decisioning. Add to this the 44% of businesses that are looking to fully automate their credit evaluation process and it’s clear that those who don’t make the move will become less competitive.
Here’s how automated decisioning is becoming a business essential, how it works and how you can integrate it with other tools to make data-driven decisions.
How does automated decision-making work?
The traditional decision-making process involves performing various manual checks across multiple data sources. This is costly, time-intensive, inconsistent and uses valuable resources that could be better used elsewhere.
Automated decision-making replaces this approach with a rules-driven process. The data is pulled from those multiple sources and predefined rules or predictive models are used to return an instant decision.
Often, businesses will use a decision tree to do this, which is a visual representation of the stages of questions that need answering. An automated tool will run through these questions, eliminating the risk of bias or oversight.
What are the benefits of automated decisions?
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More accurate decisions
Human choices are influenced by a wide range of factors – mood, workload, office distractions, bias. Automated systems make decisions the same way every time solely based on the data, ensuring there’s never a “bad day”.
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Consistent outcomes
If ten people assess the same application, all ten could come up with a different answer. As automated systems use logic and rules, every supplier of customer is assessed using identical criteria.
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Higher-quality decisions
Automated solutions can integrate multiple data sources, such as credit data, identity checks, finance agreement data, sanctions and PEP lists and more. Not only is this information not always easy to find, but processing such a large amount of data is a challenge. Automation can digest it far more easily.
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Time and cost savings
Processes that previously took hours or even days can be completed in seconds. This frees up teams to focus on other work, increasing operational capacity without needing to increase headcount.
What departments within a business can benefit from automated decisions?
Automated decisions made through Check & Decide can benefit countless departments within a business.
Marketing
Automated decisions can support lead qualification, instantly filtering out low-quality leads before they enter the pipeline, ensuring only high-quality leads make it to the sales team.
Sales and onboarding
Customer and supplier onboarding can be accelerated by running all the required checks in a single, automated workflow, resulting in stronger relationships.
Credit control and risk
Automatically flag high-risk customers and detect potential fraud patterns, so that teams can see if they need to do more investigating into a business.
Compliance
Check & Decide can integrate data for KYC & AML checks, along with finance agreement data, so regulatory obligations can be more easily met.
Can I use automated decisioning in my wider ecosystem?
The real value of automated decision-making comes when it’s connected to all of your other checks and services.
Check & Decide can integrate with:
- KYC & AML solutions
- UK Consumer Data
- CRM and ERP systems via an API
This creates a seamless end-to-end experience where every stage is powered by data. A lead can enter your CRM and Check & Decide will score it instantly. At the same time, your KYC/AML checks are automatically triggered, and if passed, the onboarding process can start. No hours of work required.
How can I start automating decisions?
We offer two routes to get you started:
Configurable Check & Decide Decision Templates
We offer personal, international and KYC Protect templates that can be configured to suit your specific needs.
You can also make changes to decision tree rules in real-time, without coding or tech support required.
Fully custom decision engines
If your business has unique processes or compliance requirements, we can build a bespoke decision engine, tailored entirely around your business rules and workflows.
Automation isn’t a novelty anymore – it’s quickly becoming the standard. Companies who adopt these tools will not only be more competitive, but also more resilient.