Parker Achieves 83% Reduction in Underwriting Backlog and 40% Faster Processing
About Parker
Parker is a fintech company offering innovative credit and banking solutions for e-commerce businesses. Their flagship product is a corporate card offering extended credit terms of up to 90 days per transaction, allowing businesses to retain working capital longer. Parker's suite includes performance-based credit cards, integrated banking services, bill pay solutions, and comprehensive analytics.
Key use case:
Credit Underwriting,
Customer Onboarding
Industry:
Corporate Cards for e-Commerce
Region:
United States
Case study overview
Key Highlights
The percentage of customers not underwritten within 120 days decreased from over 30% to less than 5%.
Decreased average underwriting time by approximately 30-40%
Achieved automation equivalent to at least one full-time underwriter
Streamlined integration with multiple data sources, including credit bureaus and proprietary data
Improved standardization of underwriting decisions across a team of underwriters
Enabled rapid deployment of new credit policies and rules without extensive engineering involvement
Successfully launched an automated underwriting process for businesses with sub-$2 million revenue
Positioned to expand use of Oscilar into KYB, KYC, and broader onboarding processes
The Challenge: Manual, time-intensive underwriting process hindering scalability and standardization.
The Outcome: Significantly reduced underwriting time, improved decision consistency, and enhanced scalability without linear team growth.
The Oscilar Impact
30-40% Reduction in Underwriting Time
Oscilar's platform enabled Parker to automate many aspects of their underwriting process, reducing manual work and improving consistency in decision-making. The average time to underwrite decreased by 30-40%, allowing the team to process more applications without linearly scaling the underwriting team.
Enhanced Risk Management
With more decisions captured in the system, Parker gained better insights for risk analytics and future decision-making. This data-driven approach allows for continuous improvement of their underwriting models and policies.
Scalability
Parker can now grow their business without proportionally increasing their underwriting team, meeting a key mandate from their executive team. This scalability is particularly important in the fast-paced e-commerce sector where rapid growth is common.
Seamless Integration
Oscilar's handling of integrations with various data sources, including complex APIs like Dun & Bradstreet's XML interface, saved significant engineering time and complexity for Parker. The platform currently handles four key integrations for Parker, with plans to expand.
Rapid Implementation of New Strategies
Parker can now quickly implement and test new underwriting strategies, such as their recently launched automated process for businesses with sub-$2 million revenue, without extensive engineering involvement.
"Oscilar is one of those softwares where it actually helps users do engineering tasks and scale their business. We're launching a sub-$2 million revenue segment where it's going to be completely automated. We're using Oscilar for that. It's really cool."
Russell Fischer
Manual Underwriting Bottlenecks Impede Growth
Manual, time-intensive underwriting process hindering scalability and standardization
Prior to partnering with Oscilar, Parker faced several challenges:
Lack of standardization
With a team of underwriters making case-by-case decisions, there was a significant degree of variability in the process. This made it difficult to ensure consistent risk assessment across all applications.
Time-consuming manual work
Underwriters were repeatedly computing the same ratios for each customer, leading to inefficiencies. This manual process was not only time-consuming but also prone to human error.
Scalability concerns
As the business grew, there was a need to process more applications without linearly scaling the underwriting team. The executive team had mandated finding a solution that would allow for growth without proportional increase in underwriting staff.
Limited automation
Unlike consumer lending companies, Parker's starting point was very manual, making it difficult to achieve the desired level of automation. This was particularly challenging given the complexity of underwriting for e-commerce businesses with larger credit lines.
Engineering resource constraints
Implementing changes or new rules often required significant engineering time, creating bottlenecks in the process. This dependency on engineering resources made it difficult to quickly adapt to market changes or implement new risk strategies.
Complex data integration needs
Parker needed to integrate multiple data sources, including credit bureaus and proprietary data, which was challenging and time-consuming with their existing systems.
These challenges risked slowing Parker's growth and hindering their ability to serve their e-commerce clients efficiently in a rapidly evolving market.
Flexible Decision Engine Empowers Risk Team
A flexible, powerful decision engine enabling automation and standardization of underwriting processes.
Oscilar provided Parker with a tailored credit underwriting platform that addressed their specific challenges:
Customizable workflows
The platform allowed Parker to create and modify complex decision trees easily, adapting their credit policies as needed. This flexibility was crucial for Parker's evolving risk strategies.
Automation capabilities
Oscilar enabled Parker to automate significant portions of their underwriting process, reducing manual work. This included automating repetitive calculations and standardizing decision points.
Integration with existing systems
The solution integrated seamlessly with Parker's admin tool (Retool), allowing for easy incorporation into their existing processes. This integration ensured that underwriters could access Oscilar's capabilities directly from their familiar interface.
Data source integration
Oscilar handled integrations with various data sources, including complex APIs like Duns & Bradstreet, saving Parker's engineering team significant time and effort. This allowed Parker to leverage a wider range of data in their underwriting decisions.
User-friendly interface
The platform's intuitive design allowed risk team members to make changes without constantly relying on engineering resources. This empowered the risk team to quickly implement and test new strategies.
Responsive support
Oscilar's team provided quick and effective support throughout the implementation and beyond. This level of engagement was a key factor in Parker's decision to choose Oscilar.
This comprehensive solution enabled Parker to streamline their underwriting process while gaining new capabilities for future growth and automation.
Automated Efficiency Yields 83% Reduction in Underwriting Backlog and 40% Faster Processing
Significantly reduced underwriting time, improved decision consistency, and enhanced scalability without linear team growth:
The adoption of Oscilar's credit underwriting platform significantly enhanced Parker's operations:
Improved underwriting frequency: The percentage of customers not underwritten within 120 days decreased from over 30% to less than 5%. This dramatic improvement ensures that Parker maintains an up-to-date risk assessment on their portfolio.
Increased efficiency: Average underwriting time decreased by approximately 30-40%, allowing the team to process more applications. This efficiency gain directly contributes to Parker's ability to scale their operations.
Enhanced automation: Parker achieved automation equivalent to at least one full-time underwriter, with potential for more as they expand their use of the platform. They've even allocated one team member to work full-time on underwriting automation using Oscilar.
Better risk analytics: With more decisions captured in the system, Parker gained improved insights for future risk management. This data-driven approach allows for continuous refinement of their underwriting models.
Resource optimization: Engineering time is saved through Oscilar's handling of integrations and the risk team's ability to make changes directly. This allows engineering resources to focus on other critical areas of the business.
Rapid strategy implementation: Parker successfully launched an automated underwriting process for businesses with sub-$2 million revenue, demonstrating their ability to quickly implement new strategies using Oscilar.
Improved standardization: The platform has helped standardize decision-making across the underwriting team, ensuring more consistent risk assessment.
Looking forward, Parker plans to leverage Oscilar's capabilities further, potentially expanding into more aspects of their onboarding process and centralizing their risk assessment workflows. They're particularly interested in incorporating KYB and KYC processes, as well as exploring the use of Oscilar for lien searches and other aspects of their due diligence process.
As Parker continues to grow in the competitive corporate card landscape, Oscilar remains a crucial partner in their journey to provide innovative financial solutions to e-commerce businesses. The flexibility and power of the Oscilar platform position Parker to adapt quickly to market changes and continue scaling their operations efficiently.
"You can achieve unbelievable levels of automation or leverage on your more operational risk teams by using a decision engine. Using a platform like Oscilar can help you get a ton of leverage and have better risk performance, even in corporate lending."
Russell Fischer
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