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AVORA’s Machine Learning and End-to-End Platform Provides Real Time Updates on KPIs, Single Source of Truth for Finance Operations and Hourly Ad Spend As Needed for Marketing

5 August 2019, London, UK – Elevate Credit, a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, has deployed the AVORA augmented analytics platform to deliver analytics-as-a-service across its UK operations. AVORA’s end-to-end platform is now the company’s UK source of record for finance, provides hourly real-time updates for marketing, enabling dynamic adjustment of ad spending as needed, and uses Machine Learning to deliver real time anomaly detection around critical KPIs for senior management. In addition to accelerating reporting time from days to seconds, and shrinking total cost of ownership by half, AVORA’s unique data ingestion enables Elevate’s data analysts to focus on higher level tasks.

As the ‘White Knight’ of short-term payment loans, Elevate Credit serves credit-challenged borrowers offering a better alternative to payday lenders. Elevate is one of the few fintech companies focused exclusively on the needs of truly non-prime consumers — people with either low or no credit score – offering more flexible terms. The company has served over two million consumers in the US and UK with $6 billion worth of credit, saving them billions over what they would have spent on payday loans.

“Data drives every part of our business and we need fast modern processes to keep pace with our growth and data volumes,” said David Jayatillake, Head of BI and Analytics for Elevate Credit. “One of our accrued interest tables, for example, has a billion rows. With AVORA we have a single end-to-end system rather than three separate data warehouse, ETL and analytics products. AVORA gives us trusted insight for financial reports and dynamic adjustment of marketing spend. We also have several KPIs that are critical to the business, such as approval and funding rates for loans and regulatory reporting. AVORA’s Machine Learning anomaly detection alerts us in real time if any KPIs fall out of statistical significance so we can react swiftly.”

AVORA’s ease of use and intuitive capabilities means its widely used across multiple parts of Elevate’s business, including the UK finance team, marketing team, credit risk team, products team, legal compliance, executive management, as well as data analysts. AVORA’s ‘freeshare’ pricing model also makes it much more cost effective for Elevate Credit to share its data sources with hundreds of internal users, including US colleagues, as well as affiliates and third parties, such as the Financial Services Authority for greater transparency and reporting.

About Elevate
Elevate (NYSE: ELVT), together with its bank partners, has originated 7.4 billion US Dollars in non-prime credit to more than 2.3 million non-prime consumers to date and has saved its customers more than 5.6 billion US Dollars versus the cost of payday loans. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behaviour with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of ground-breaking credit products includes RISE, Elastic, Sunny and Today Card. www.elevate.com.

About AVORA
AVORA provides an end-to-end augmented analytics platform, utilising Machine Learning with smart alerting to deliver easy to use, in-depth data analysis and reporting. By eliminating the limitations of existing analytics, reducing data preparation and discovery time by 50-80%, and accelerating time to insight, AVORA creates game-changing organizational intelligence. www.avora.com

Media Enquiries:
Vanessa Land
Devonshire Marketing
+44 7768 693779
vanessa@devonshiremarketing.com

This press release was distributed by ResponseSource Press Release Wire on behalf of Devonshire Marketing Consultants Limited in the following categories: Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.