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
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
OnsiteTeam Deployment:
Hidden Brains
Strategy
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
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.
Hidden Brains Approach
Our approach encompassed strategically implementing microservices, DevOps, advanced analytics, and much more.
Concerns
Provided separate solutions into different sections and layers, with each section and layer addressing a separate concern.
Responsibility
Ensured that each and every component in the solution was responsible for a single part of the functionality in the solution.
Upfront
Reduced large design upfront if requirements were unclear. Avoided making a large design for the whole system if requirements may vary.
Change
Considered how the solution may need to change over time to address new requirements and challenges and build flexibility.
Approach
Evolve architecture iteratively through testing, adding details, and focus on the big picture.
Architectural style as a collection of small, independent services to achieve a particular purpose or functionality within a system or structure.
Packaged an application and its dependencies into a container image.
Technology
Incorporated the latest advancements and innovations in various fields such as information technology.
DevOps
CI/CD with DevOps is a set of practices for software engineering and deployment that allows the rapid delivery of software.
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.
Dynamic credit scoring model based on factors such as the credit history of the individual.
Commercial system for corporates accountable for providing precise, advanced, analytical solutions.
Web & mobile application to effectively manage, improve, & monitor credit seamlessly in one place.
Transforming big data into wise decisions, ensuring confidentiality and relevancy of credit data.
Efficient and robust system to accurately record & report all OTC derivative transactions.
Credit agency ranking given to Banks, Finance as well as Insurance companies.
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
Evolution
Recognizing the critical role of modern tech in financial services.
Compliance
Understanding the complexities of compliance in the FinTech sector.
& Privacy
Prioritizing data security in financial operations.
Agile Development
Emphasizing flexibility in development to meet evolving requirements.
Management
Understanding the need for proactive risk management in financial systems.
Decision Making
Leveraging data insights for informed decision-making.
Future Plans
Enhancing predictive capabilities in credit scoring.
Exploring new geographical and sectoral markets.
Focusing on user interface enhancements.
Incorporating emerging technologies like AI and blockchain.
Expanding the portfolio of financial services offered.
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.
Let's get in touch
+1 323-908-3492
+44 (0)20-7993-2188
+34 93-802-3010
+91-989-802-1433
+61 2 6145 2066
+234 915-242-4242
+971 50 541 7174
