What is a decision engine and how can one boost your business?
Decision engines can truly revolutionise the way that businesses operate. Whatever the sector a business owner finds themselves in, if decisions need to be made an automated platform to make those decisions will always bring value.
But what exactly is a decision engine and how do they work? As a relatively new addition to the digital arsenal, it’s really important to understand what decision engines are and how they can benefit you and your business before committing yourself to building one. Today we’ll be exploring the world of decision engines and what they can do for your business.
What defines a decision engine?
Decision engines can be particularly useful for businesses operating in industries that have to deal with lots of application approvals and denials. The likes of recruitment, insurance, lending industries and many more can all seriously benefit from the use of a decision making engine.
Automated decision engines work by taking data clusters from applications and matching them against rules set by the administrator of the engine. These rules could include almost anything, from the years worked within an industry to the turnover generated by a business.
If what the applicant has to offer doesn’t meet the minimum criteria set by the owner of the decision engine, they can be automatically denied (if you so choose). On the other hand, if they meet the minimum criteria set for the engine to trigger an approval, it’ll do that instead. All of this occurs within seconds! For more information on how decision engines work, you can read our in-depth guide to how our own decision engine works.
How credit decision engines boost your performance
The main appeal of working a decision engine into your existing systems is the incredible performance boost that automation consistently brings. Nowhere is this more apparent than within the lending sector, with credit decision engines consistently boosting the performance of businesses by automating existing lending policies and workflows.
From entry-level credit decision engine software, to a fully customisable, purpose-built decision engine platform, your credit-focused business will always benefit from even minor automations. However, it’s only with the truly bespoke and specialised platforms that your business will gain the most benefit.
A fully customisable decision engine platform gives businesses full control and freedom over the parameters used to approve or deny applicants for their services, all through the power of automation. Most lending businesses, in particular, can have quite complex criteria as part of the credit decisioning process. As such, ensuring you’re using the right lending decision engine is absolutely essential if you want to elevate your business with automations. This brings us on to LendTech, our own custom-built decision engine platform.
LendTech: The Venture Motion Decision Engine
Our fully customisable credit decision engine, LendTech, allows almost any company operating within the fintech industry to offer lightning-fast credit decisions with our individually developed automations. With LendTech, data is pulled from a wide range of channels – from credit scores to identity verification and income data – to ensure that any approvals or rejections can be made in confidence.
We make sure that our customers are in control of the entire decisioning process, that means that anyone we work with has full control of the criteria required for the approval process to work. Whether you require straightforward accept or decline rules, or need a more in-depth score-based system to approve or deny applicants, we work to fit your requirements.
To find out more about LendTech and the other fintech solutions on offer at Venture Motion, head to our fintech automation page. But if you’ve already been convinced that the LendTech decision engine is for you, click the button below and start building your solution today.