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FinTech Transformation: Elevating Credit Bureau Services in Saudi Arabia

Team Hidden Brains' collaboration of 5 years, with onsite team deployment of over 2 years with a 15 member team revolutionises credit scoring and risk management for a leading national credit bureau, driving significant growth and user satisfaction

40
Million Score

17
countries For legal entity identifier

700
Financial Institute Benchmark

17
Mortgage Benchmark

Introduction

Our client is among Saudi Arabia’s leading national credit bureaus licensed to provide both consumer and commercial world-class products and services. Operating under the supervision of Saudi Arabia Central Bank - our client, a leading national credit collects and provides credit information to individuals and commercials.

The dynamic credit scoring model of our client is based on critical factors such as credit history of individual (past and present) financial transactions and “learns” by utilizing the customer’s historical credit data. The Score is calculated without bias and comes across as a consistent benchmark to measure the creditworthiness and lending risk to an individual.

Today, this Scoring model is being used by banks, finance companies, telecoms, insurance, real estate, and government sector companies to help them stay on top of consumer credit health and mitigate risk.

Our client provides 20+ different services to individuals, commercials, and members.

707,512Issued Report
1,161,705Firm Database
99.50% Data Quality
2,047,732 Credit Accounts

Challenges

Major challenges include seamlessly navigating intricate compliance regulations, current legacy systems, addressing data security concerns, and delivering seamless integration across platforms. Time sensitivity added another layer of complexity.

Competitive Disadvantage

The reliance on an outdated architecture hindered the introduction of innovative services and technologies, impacting its competitiveness and market leadership.

Legacy System & Outdated Architecture

Functioned on an outdated system architecture, lacking scalability, creating a barrier in service delivery. Multiple data integrations via a single-core system resulted in performance glitches and hindered responsiveness.

Operational Inefficiencies Across Services

Manual workflows in data processing hampered services related to credit data, inquiry, dispute resolution, credit monitoring, and data quality.Significant delays in resolving client requests led to reduced operational efficiency and client satisfaction ratio.

Risk Management Challenges

Lack of real-time credit monitoring and alert services limited clients' ability to proactively manage credit risks. Delayed alerts and insights hindered clients' ability to overcome potential credit-related events.

Compliance & Security Concerns

Outdated Aging security measures and data privacy protocols raised concerns on the protection of sensitive financial and credit information. Compliance challenges to maintain accurate and reliable credit data for regulatory adherence.

Complex Integration & Data Flow

Multiple front-end systems for consumers relied on a single core system for data integration, leading to communication challenges. Absence of distributed data flow architecture complicated integrations and service disruptions.

Limited User
Experience

Outdated user interfaces and workflows led to a subpar user experience for staff, affecting their productivity and the quality of services provided.

Absence of Advanced Insights

Outdated system limitations hindered the ability to provide comprehensive and advanced data analysis and insights across services.
Clients were unable to benefit fully from the potential insights offered by credit analysis and reporting.

Competitive Disadvantage

The reliance on an outdated architecture hindered the introduction of innovative services and technologies, impacting its competitiveness and market leadership.

Legacy System & Outdated Architecture

OnsiteTeam Deployment:

Team Hidden Brains has worked onsite for 2 years with a team of 12-15 members.

Hidden Brains
Strategy

Hidden Brains' strategy involved meticulously analyzing client requirements and data analytics to design scalable and secure solutions, mitigating risks while accelerating growth.

Collaboration &
Change Management

Collaborated closely with client teams to ensure a smooth transition to the new system architecture and processes.
Provided comprehensive training, documentation, and support to ensure a successful adoption of the transformed services.

Architectural
Modernization

HiddenBrains recommended a shift to a microservices-based architecture to improve scalability, flexibility, and service-oriented modularity.Designed and implemented a distributed data flow architecture that enabled efficient communication between front-end and back-end systems, reducing bottlenecks and enhancing data integrity.

Process Streamlining
& Automation

Analyzed existing manual workflows and identified opportunities for automation to reduce processing time and enhance efficiency. Implemented automated processes for credit data processing, inquiry services, dispute resolution, and data quality enhancements.

Real-time Monitoring
& Alerts

Developed and integrated real-time monitoring and alert solutions to enable clients to proactively manage credit risks and respond to changes promptly. Implemented an alerts mechanism for critical credit events, dispute resolutions, and data quality updates to keep clients informed in real time.

Data Quality
Enhancement

Introduced advanced data validation and quality control mechanisms to ensure accurate and reliable credit data across all services. Implemented data cleansing and enrichment processes to improve the integrity of credit reports and analyses.

User-Centric
Design Principles

Revamped user interfaces and workflows for better user experience across the front-end systems, catering to the needs of both consumers and members. Conducted user feedback sessions and usability testing to iteratively enhance user interfaces and functionalities.

Integration &
Communication Redesign

Redesigned the data integration architecture to allow seamless communication between front-end systems and the core system, eliminating blockages and delays. Introduced distributed data layers to facilitate efficient data flow and integration among various services.

Data Analysis
& Insights

Leveraged advanced analytics and reporting tools to provide clients with comprehensive insights into credit data trends, risk assessment, and industry benchmarks. Developed customizable dashboards and reports to empower clients to make informed decisions based on data-driven insights.

Collaboration &
Change Management

Architectural
Modernization

Hidden Brains Approach

Our approach encompassed strategically implementing microservices, DevOps, advanced analytics, and much more.

Separation of
Concerns

Provided separate solutions into different sections and layers, with each section and layer addressing a separate concern.

Single
Responsibility

Ensured that each and every component in the solution was responsible for a single part of the functionality in the solution.

Large Design
Upfront

Reduced large design upfront if requirements were unclear. Avoided making a large design for the whole system if requirements may vary.

Build to
Change

Considered how the solution may need to change over time to address new requirements and challenges and build flexibility.

Incremental
Approach

Evolve architecture iteratively through testing, adding details, and focus on the big picture.

Microservice

Architectural style as a collection of small, independent services to achieve a particular purpose or functionality within a system or structure.

Containerised

Packaged an application and its dependencies into a container image.

Modern
Technology

Incorporated the latest advancements and innovations in various fields such as information technology.

CI/CD with
DevOps

CI/CD with DevOps is a set of practices for software engineering and deployment that allows the rapid delivery of software.

On-Premise
Cloud

Infrastructure is a term related to cloud computing that refers to a private cloud environment.

Hidden Brains Solutions

Hidden Brains solutions accelerated innovation, enhanced user experiences, and achieved sustainable growth in the competitive fintech landscape.

Business Website

Dynamic credit scoring model based on factors such as the credit history of the individual.

Commercial Portal

Commercial system for corporates accountable for providing precise, advanced, analytical solutions.

Consumer Portal

Web & mobile application to effectively manage, improve, & monitor credit seamlessly in one place.

Partner Portal

Transforming big data into wise decisions, ensuring confidentiality and relevancy of credit data.

Trading System

Efficient and robust system to accurately record & report all OTC derivative transactions.

Business Credit Ranking System

Credit agency ranking given to Banks, Finance as well as Insurance companies.

Entity Identifier Issuer

Provide with LEI Renewal, LEI Registration & Transfer solutions to Saudi Arabia’s Authorized issuer of LEIs.

Results Achieved

Hidden Brains team achieved success which reflected growth, engagement, and satisfaction. Hidden Brains team led to exceptional outcomes focusing on growing revenue and client base, elevating user satisfaction, and much more.

62%
increase in revenue
40%
increase in business clients
94%
User Satisfaction rate
1.5M
increased user registration

Lessons Learnt

Embracing Technological
Evolution

Recognizing the critical role of modern tech in financial services.

Regulatory
Compliance

Understanding the complexities of compliance in the FinTech sector.

Security
& Privacy

Prioritizing data security in financial operations.

Importance of
Agile Development

Emphasizing flexibility in development to meet evolving requirements.

Risk
Management

Understanding the need for proactive risk management in financial systems.

Data-Driven
Decision Making

Leveraging data insights for informed decision-making.

Future Plans

Advanced Credit Analytics:

Enhancing predictive capabilities in credit scoring.

Market Expansion:

Exploring new geographical and sectoral markets.

Continuous UX Improvement:

Focusing on user interface enhancements.

Tech Integration:

Incorporating emerging technologies like AI and blockchain.

Service Diversification:

Expanding the portfolio of financial services offered.

Partnership Development:

Forming strategic partnerships for broader service offerings.

Working with Hidden Brains was a pivotal moment in our journey. Their expertise in FinTech revolutionized our operations, bringing modernized solutions that significantly enhanced our efficiency and customer satisfaction. The team's dedication, especially their on-site presence for two years, showed in the detailed understanding of our needs and the successful implementation of a sophisticated, user-friendly system. We've seen remarkable growth in revenue and user base, and our clients have expressed great trust in our services, thanks to Hidden Brains' innovative and forward-thinking approach.