In a bold move to enhance financial inclusion in underserved African markets, Itemate Solutions has partnered with Decision Rules to revolutionize fintechs’ decision-making processes using a sophisticated business rules engine (BRE). By leveraging cutting-edge technology, the partnership aims to improve the agility and adaptability of fintech services, making access to financial resources more seamless for millions.
Advancing Financial Technology for the Underserved
The primary objective of this partnership is to harness technology to quickly adapt to changing market conditions, thereby improving access to financial services in regions that have historically been underserved. Michaela Holman, the global account manager at Itemate Solutions, emphasizes the importance of the Decision Rules BRE in enabling fintechs to swiftly modify business rules. Faster credit approvals and enhanced fraud prevention are crucial benefits, especially in a financial sector that deals with complex and diverse rules regarding credit scoring, interest rates, fees, and eligibility criteria.
Impressive Performance for Real-Time Decisions
Founded by eppTec in 2020, Decision Rules offers a cloud-based, no-code rule engine that has rapidly gained traction across various sectors worldwide, including South Africa’s fintech industry. The BRE boasts the ability to execute up to 100,000 decisions per minute, making it an essential tool for fintech companies that require rapid and responsive decision-making capabilities. This technology allows business users to effortlessly set up, test, alter, and implement new rules, enabling fintechs to meet customer demands and adapt to market shifts without enduring lengthy development cycles.
Cost-Efficiency as a Competitive Advantage
One of the standout benefits of this technology is its cost-efficiency. The system can pre-screen applicants before sending them to a credit bureau, cutting down on unnecessary fees and saving valuable time. This advantage is particularly significant in high-volume, low-cost markets where operational efficiency can make a substantial difference in long-term viability. By reducing the time and expense associated with traditional processes, fintechs can achieve greater sustainability and reach a broader audience.
Transforming Financial Services in South Africa
The collaboration with a South African fintech is a clear testament to the partnership’s potential. The project aims to streamline business rules for 2.4 million customers, drastically reducing the time required to test new financial products from weeks to just two days. Vaclav Kandrnal, CEO of Decision Rules, highlights the tremendous potential in the southern African market and underscores the importance of collaborating with local experts to gain deeper insights into the regional fintech landscape.
A Vision for Sustainable Growth
In a bold initiative to boost financial inclusion within underserved African markets, Itemate Solutions has teamed up with Decision Rules to transform how fintechs make critical decisions. This collaboration will utilize a sophisticated business rules engine (BRE) designed to streamline and optimize decision-making processes for fintech companies. By integrating state-of-the-art technology, the partnership hopes to enhance the agility and adaptability of financial technology services.
The ultimate goal is to make access to financial resources smoother and more accessible to millions who have traditionally been excluded from the financial system. With this strategic alliance, both companies aim to tackle longstanding barriers that have hindered financial inclusion, providing a more efficient framework for delivering critical financial services. Itemate Solutions’ expertise in fintech, coupled with Decision Rules’ advanced BRE platform, promises to usher in a new era of innovation. This move is expected to pave the way for unprecedented opportunities in the African fintech landscape, ensuring that financial services can reach even the most marginalized populations, ultimately fostering economic growth and stability in the region.
