Decision Engine Concepts - LendAPI’s Free Decision Engine

LendAPI is an all encompassing digital onboarding system. It’s not just for banking, lending, mortgage, auto, personal and business loans, it can build just about any onboarding system known to man.

LendAPI's entire architecture is for users to create a beautiful narrative with a robust decision engine making decisions at every step of the way. We give our end users all of the ingredients such as variables, rule editor, workflow management and communication channels such as sms and email to create any digital onboarding experience.   

There are a few decision engine offerings in the marketplace. Some of them are cumbersome to use and others like Drools are incredibly difficult to use and require a high knowledge of programming. 

None of the systems out there that combines an easy to use visual decision rules engine with a fully integrated third party data provider anchored by a powerful application designer. At LendAPI, we’ve created this decision engine software for you to use free of charge when you become a user of the LendAPI digital onboarding platform.

LendAPI’s Free Decision Engine vs Commercial Decision Engines

Often, banks, financial institutions, insurance brokers have to piece together their onboarding system. They may have had a website application designed to collect customer data but find themselves needing to find a decision engine or a rule engine to make decisions along their customer journey. They also have to hire expensive developers to integrate their web application to the decision engine. 

Last, they find these decision engines difficult to use and unable to connect to common third party data providers such as TransUnion, Experian, Equifax, Plaid, Pinwheel, Argyle, Truv etc. They have to hire additional developers to integrate to these critical third party providers. The entire endeavor either dies on the table because of budget overruns or technical difficulties.

From a cost perspective, developers could cost up to $150,000 a year to hire and maintain and commercial decision engines are at least $10,000 to $20,000 a year to use and manage. The ongoing cost could become astronomical when considering the cost of integration between user’s enterprise applications and these third party data providers along with decision engine rules engineers and experts.

This is why we wanted to provide a free decision engine to use along with our powerful product designer and workflow management system.

LendAPI’s Free Decision Engine: A fully integrated solution

Free isn’t always the best solution, right? Or you get what you pay for. These old adages rings true most of the time, however LendAPI’s decision engine is a fully integrated solution. Let’s talk about some of the characteristics of LendAPI’s free decision engine.

• Variable, operators, action and outcome routing: LendAPI’s decision engine includes a full suite of variables in its variable library. This library is filled with variables from third party data providers. For instance, TransUnion’s TruValidate is a connected partner of LendAPI’s digital onboarding system. TransUnion’s TruValidate solution comes with hundreds of variables, from identity attributes to identity scores. Each of these variables can be used to write rules. LendAPI’s attribute library and decision engine are tightly coupled and it’s completely free to use.

  
  

  

  
  

• Third party data providers: LendAPI’s free decision engine embedded in its digital onboarding system is fully connected to the most popular third party providers. We have identity bureaus such as Socure connected to our Providers Library. We have credit bureaus such as TransUnion. LendAPI is also connected to banking transaction third party data providers such as Plaid and Flinks plugged directly into the decision engine’s variable list. All of these third party providers are already integrated and our users don’t have to spend additional engineering costs or resources. All they have to do is to drop the API key right into the third party data configuration setup screen.

  
  

• Workflow connectivity: LendAPI’s free decision engine is also tightly integrated with our workflow system. For example, when a decision tree reaches a “review” action, this action will create an “additional document required” outcome. This outcome will then drive customer communication such as an email sent by LendAPI’s communications module to notify this particular customer that they need to update additional documents such as Drive License, Bank Statements or copies of their paystub. LendAPI’s free decision engine can orchestrate all of these decisions and interact with our user’s end customers seamlessly out of the box.

  
  

• User journey integration: One of the hallmarks of the entire LendAPI architecture is the ability to tie it all together under our Product Builder. Product Builder is a visual user journey designer that is fully customizable down to the specific fields on an application page. For example, if our user finished their design of the first page of their customer journey, they can select which rule set that they would like to use at the completion of the first page. The Product Builder will automatically call the third party data provider that is being used by the ruleset tied to that particular page of the customer journey. LendAPI’s free decision engine is at the heart of this architecture and drives all of the user interaction, workflow, third party integrations and orchestration all in one system.

  

  Above: LendAPI Product Builder - Build Mode

  

  Above: LendAPI Product Builder - Preview Mode

LendAPI’s Free Decision Engine: Ready and API Driven

LendAPI’s free decision engine can also be accessed through a library of APIs. Some users already have their onboarding system but lack a decision engine, third party integration and a workflow system. Our decision engine APIs allow us to intake information from our user and activate third party data providers and run rules designed by our end user. 

The LendAPI decision engine APIs will return the resulting actions back to our customers and provide them information to move their customers further along their customer journey. 

LendAPI’s Free Decision Engine: Try it today!

We welcome you to sign up today and start designing your own rules. Whether our user accesses the ruleset with our powerful Product Builder or through our suite of APIs, we are ready to help you make quick and accurate decisions. LendAPI’s workflow, decision engine, and third party orchestration works out of the box and you don’t have to spend additional cost or resources with our free decision engine.