Enova Decisions: A Platform For Real-Time, Scalable Predictive Analytics

Jun 1 2016 | 3:55pm ET

Editor’s note: Many fintech companies focus on the provision of data analytics to help clients make faster, more informed decisions. However, delivering such tools in real time and within truly scalable architecture often presents a significant challenge. The team at Chicago-based Enova Decisions, formed into a separate subsidiary of online lender Enova International earlier this year, brings a decade of expertise in predictive analytics together into a single, scalable platform that can help companies not only in finance, but across a wide range of industries.

Company name: Enova Decisions

Location: Chicago, IL

Website: https://www.enovadecisions.com/

Fintech Sector(s): Technology & Analytics

Elevator Pitch: Enova Decisions delivers on-demand decision-making technology and real-time predictive analytics services to clients, so they can make instant data-driven decisions at scale.

Stage: Enova Decisions is part of publically traded Enova International (NYSE: ENVA).

Tell us a bit about your company and what it does?

Enova Decisions helps companies make instant data-driven decisions at scale, allowing them to acquire better customers, improve operations and retain the most profitable customers. Through our real-time analytics engine Colossus, businesses have the tools needed to boost efficiency and maximize ROI.

How is Enova different than other companies in the same space?

Enova Decisions provides real-time decisions at scale using the most accurate data points, which enable clients to make smarter, more informed choices. This is a big step forward from most other offerings, which typically have enabled companies to make decisions using only specific models or limited sources of data that may be dated. Our Colossus decision platform can plug into third-party data sources, provides real-time decisions and has virtually no limit to its scale. 

What is your revenue model? How will the company make money?

Through our analytics-as-a-service model, fees are volume based, according to the number of transactions processed through Colossus. We also offer pay-for-performance pricing, enabling clients to only pay for transactions that are profitable.

Who is your target market?

Our target market includes any company that needs to make decisions quickly and at scale. This technology applies to a variety of industries – maybe it’s a financial services company who wants to optimize credit decisions to reduce defaults or a cable company who uses Enova Decisions to help determine the best offer to give each specific customer. 

How big is the opportunity?

We are very optimistic about the growth opportunities for this business. Ultimately, there is no limit to the scale of the business as our analytics services have applications across a spectrum of industries and company sizes, and demand for such services continues to grow.

Why are you and your team capable of succeeding

We have the right technology and the right people to be successful, supported by Enova’s 52 in-house data scientists and analysts. The company’s 12 years of proven expertise in analyzing credit risk and our unique algorithms – which are used to provide recommendations rather than just insights – will enable our clients to replace manual subjective decisions with model-driven, data-backed decisions that are scalable and actionable. 

What is your company’s next target/milestone?

Our next major milestone is the launch of Enova Decisions internationally. We recently signed our first contract for services in China and are pursuing other markets.

Can you tell us one unusual fact about your company?

With 12 years of lending experience and millions of loan transactions under our belt, our predictive analytics have gotten so sophisticated that we’re able to help make profitable decisions (credit, offer, fraud, operations) on a subset of the U.S. population (25%) that many typically can’t service and turn away. This page has more details: https://www.enovadecisions.com/smartcredit/.

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