Harmoney, an online lender in Australia and New Zealand, has selected enterprise workflow automation software provider Finvi to support multiple products across its multiple loan management platforms.

The consumer-direct personal lender has chosen Finvi’s Katabat solution for supporting its initiatives to transform the conventional personal lending model.

The new model will place the customer at the centre as well as leverage technology and data to make money more human, said Finvi.

Since 2014, Harmoney is said to have been offering fast and easy unsecured personal loans to customers that are competitively priced and accessed fully online.

The firm’s proprietary digital lending platform, dubbed Stellare, is designed to processes, approve, and fund most loan applications within a single day.

Besides, the platform replaces the traditional industry credit scorecard with a predictive behavioural analytics engine. It utilises machine learning to analyse direct consumer data to provide automated credit decisioning and more effective risk-based pricing.

Harmoney chief technology officer Andrew Bates said: “Our purpose is to help and inspire people to start now on their dreams or start fresh – through financial products that are simple, smart and secure.

“In Finvi, we saw an innovative partner to help us continue transforming the way people across Australia and New Zealand borrow money — through personalised consumer choice, informed by data science and delivered through superior technology.”

According to Finvi, its complete Katabat solution enhances agent efficiency as well as supports institutions to build better strategies, while elevating customer experience.

Furthermore, it can safeguard brand value by decreasing compliance risk.

The Katabat solution will also propel customer strategy innovation by monitoring their success closely, while generating tailored customer treatment strategies.

Finvi CEO Tim O’Brien said: “We look forward to helping Harmoney improve its collections efficiency, with smarter, more-effective strategies, increase customer satisfaction with personalised treatment strategies, and ultimately, collect more.

“By having a single source of truth from a collections standpoint, and a means to centralise and manage collections strategies, Harmoney will have a critical tool to support its strategy of growing its product offerings for consumers across the ANZ market.”