Zoot, a provider of instant credit decisioning and loan origination solutions, has unveiled a new tool, Zoot’s Credit Risk Lab, designed to give credit risk managers the ability to respond to changing market and consumer behavior. It has added that in a non-production environment, managers will be able to experiment with new credit risk policy strategies to make better credit decisions, faster.
Reportedly, Zoot’s Credit Risk Lab provides lenders with the ability to shorten the cycle of making changes to attributes and scorecards to determine the most predictive in the current environment. Business users can have control over the entire cycle of developing an idea, coding attributes in the tool, running the attribute tests and evaluating the results. Moreover, the data can be used for analysis, that enables credit risk managers to identify a new strategy in less than 48 hours.
Tom Johnson, vice president of product development at Zoot, said: “The Credit Risk Lab allows Financial institutions to evaluate consumer behavior against new ideas, using their own performance data, and determine whether or not the proposed policy will be effective.”
