The AI Banking Revolution Is Here: Open Banking APIs Explained AI banking, it sounds like a concept pulled from the pages of science fiction, but it’s very real. If you’re
Automated underwriting for loans and insurance
The underwriting process is often long and frustrating, so why not save your team time and money with our efficient automated decision making. Our GDPR-compliant automated decision engine takes data from a number of different sources linked to your prospective clients to relieve your team from the stress of underwriting.
From business loans to mortgages, credit decisioning to insurance policy approval, whatever your financial services business offers, we can help.
Automation is the future and nowhere is it more convenient than within the fintech sector.
How we do it
Automating the underwriting approval process with our decision engine begins with our app-based data collection. Taking data through custom application forms, open banking platforms or uploaded banking statements and data retrieved through our Companies House API. Once all the necessary data – which is defined by your requirements – is collected and tallied, it is fed into our decision engine.
Within seconds, we’ll have analysed all sorts of data including turnover, cash flow, overdraft usage and much more to build up an accurate spending profile of any applicant. We’ll then generate a fully customised report for which you set the criteria to determine whether or not the customer is eligible for your finance products.
The importance of credit decisioning engines
Credit decision making software has had an enormous impact on the lending industry, and it’s this kind of technology that forms the backbone of our own lending decision engine. LendTech not only speeds up and streamlines the credit decision making process, it also allows for more accurate decisions to be made. By assessing a wide array of different factors – all decided by you – the LendTech decision engine guarantees an accurate result every time.
With an automated credit decision engine like ours, human error is entirely eliminated. Faster, more accurate and more efficient; LendTech is a truly revolutionary addition to the arsenal of any lender.
As we laid out in our blog post on the subject, a decision engine is a customisable, rules-driven platform that executes automated decisions based on criteria set by the administrator of the engine. Essentially, decision engines allow important business decisions to be made instantly with highly accurate automation technology.
A business rules engine is simply another name for a decision engine. Business rules engines are an aspect of automation technology that allows the administrator of the engine to set specific rules to automate business decisions.
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