Revolutionizing Financial Services: Discover how our client, an industry-leading financial services provider, overcame the challenges of maintaining a costly and inflexible hard-coded rules system. Learn how our tool empowered their team to design, test, and deploy rules in minutes, unleashing a new era of agility and growth. Join us on their journey of transformation and explore the possibilities of DecisionRules.
At the request of our client, this case study has been anonymized. The case study was written in collaboration with the client's technology squad leader.
Industry: Financial Services
Estimated company size: +100FTE
Estimated annual Revenue: $19,7M
Objective: To replace internal hard-coded rules engine
Our client provides businesses with various financial services including cost-saving options for banking, foreign exchange, utilities, and insurance. The company received nearly $6 million from Banking Competition Remedies Fund to scale in 2020 and was awarded by the nine major banks under the Open Banking Challenge.
Despite being founded in 2017, nearly 80,000 businesses have already used its software platform to research and access a wide range of funding sources, including equity, grants, loans and tax credits, completing $530 million worth of funding.
The client company is a rising star in the UK fintech industry, now employing more than 100 people, with estimated revenue of around $19,7 million, and recently raised $7.8 million in Series A funding from four investors, including AB Ventures.
The problem we faced was our previous decision system, which was hard-coded. We needed a team of developers to maintain it, so it was very complicated and expensive to maintain. It was also not flexible enough. Every time we wanted to make a change to the business rules, we had to design the rules first and then hand them over to the development team to implement the changes. In short, the challenge was to replace a system that was really expensive and complicated to maintain and wasn't flexible enough.
We found out about DecisionRules because we were having problems with our system matching certain values.
Once we discovered DecisionRules we never considered a second option. Other vendors were either very expensive or very difficult to use and implement. This was one of our key decision factors as the end user is a non-technical business person.
We were looking for a tool that would be easy for anyone to use, even a business person with limited technical experience. And a tool that would be flexible enough for our business, so that we could design, test and deploy the rules immediately, or make changes to them in a matter of minutes.
We had a great user and customer experience. The tool was really easy to learn and everyone on our team was able to create complex rules very quickly within DecisionRules. DecisionRules has been implemented across all departments in our company, from operations to product to development.
The implementation was really smooth.
We decided to go for a really advanced MVP and we were surprised that it took only 1 month from the initiation to the MVP in production. Another great thing was that we did not even need any support during the implementation process. It was really easy to do on our own, all the teams were able to do their roles without external support and training. I really appreciated the good documentation that helped my whole team. It answered all the questions we had at the time.
Another thing we liked was the flexibility of using DecisionRules, switching from different ways of working (decision tables, scripting rules, etc.) without having to write any code. DecisionRules is easy to understand for non-technical people, even business people quickly acquired the ability to manage their rules.
We have been using the product in production for over 8 months across multiple teams and business units.
After implementing our rules in production, we have seen an improvement in the conversion rate of around 20%, along with a significant increase in productivity and efficiency.
The implementation of DecisionRules has helped our company achieve our OKRs, and as a result we have increased our goals. We plan to connect DecisionRules to several internal systems and apply Decision Rules to other use cases.
After implementing our rules in production, we have seen an improvement in the conversion rate of around 20%, along with a significant increase in productivity and efficiency. The implementation of DecisionRules has helped our company achieve our OKRs, and as a result, we have increased our goals. We plan to connect DecisionRules to several internal systems and apply Decision Rules to other use cases.
If you run your own infrastructure in a private cloud with one of the larger operators such as AWS or Azure, you may have noticed some time ago came support for ARM64 processors.
Read more about why is DecisionRules recommended by one of South Africa's leading Financial Institutions
Commissions play a pivotal role in various industries, especially in the financial sector. In this article, we dive into the practical implementation of commission management and calculation using DecisionRules.io. In the first part, we'll explore the layers of the commission calculation model, rule variables, activation management, and input/output models. In the second one, we will look into examples of concrete rules, integration of DecisionRules with external systems, and Reporting of Commissions.