LendAPI Decision Engine Overview: 

LendAPI’s decision engine offers a variety of tools designed for non-technical users that’s completely DIY with powerful API extensions.

• Decision Automation:

  • Automate complex decision-making processes by encoding rules that reflect business policies, regulations, or best practices.

• Validation and Compliance:

  • Enforce validation rules to ensure data integrity and compliance with regulatory requirements.

• Dynamic Pricing:

  • Adjust pricing strategies based on predefined rules considering factors such as demand, inventory, and customer profiles.

• Workflow Automation:

  • Drive workflow automation by defining rules that determine the flow of tasks or processes.

• Decision Outcome Management:

  • LendAPI’s visual decision engine can reroute a variety of different outcomes based on the result of a certain decision path.

  • For example, if there is an approval or decline, LendAPI’s decision engine can send an email, sms or actions within the customer portal

    

Evolution with Visual Rule Editors:

Traditional rule engines often required the involvement of programmers to define and manage rules. However, the advent of visual rule editors has democratized rule creation, enabling business analysts and domain experts to actively participate in the process. Visual editors provide an intuitive interface for creating and modifying rules, reducing the dependency on technical expertise.

In summary, rules engines empower organizations to streamline decision-making processes, improve agility, and maintain transparency in rule enforcement. The evolution of visual rule editors further extends their accessibility, making them valuable tools for businesses seeking flexibility and efficiency in adapting to changing requirements.

LendAPI’s visual decision engine is the most powerful tool in the industry. The rule’s engine author can see what’s happening as the rules are being authored. The rules engineers can design variables, linking outcomes and test rules they’ve created with a quick LendAPI decision engine tester.

Rule Engine Use Case: Credit Rules

LendAPI’s integrated with industry leading credit bureau providers. LendAPI users can easily configure their credit bureau right inside of LendAPI’s Provider marketplace. These underwriting rules are executed in real time in conjunction with end-customer’s application flow.

Rules Engine Use Case: Identity Verification Rules

Let's explore a practical use case for a rules engine. Consider a scenario where an application needs to decide on an approval process based on the age of the applicant.

1. If age is less than 18, reject the application.

2. If age is between 18 and 80 (inclusive), approve the application.

3.  If age is above 80, request document upload for further review.

This is just a small example of what the LendAPI rule engine can do. Some of our users are building complex rules and chains or rules are very complex and does myriad of calculations before presenting an approval decision.

Rules Engine Use Case: Pricing and Product Rules 

LendAPI is a popular and mature visual rules engine. It provides a flexible and extensible platform for developing rule-based applications. Traditionally, rules engines required the intervention of programmers to define and implement rules. While powerful, these engines may pose a steep learning curve for non-technical users, hindering the agility of rule creation and modification.

Aside from credit and identity underwriting rules. LendAPI can program product rules engines which includes, loan amount, credit amount, interest rates, APR calculations as well as duration of the financial product.

It is evident that operating the traditional rules engine requires programming skills, making it impractical for non-technical business analysts to design or modify business rules. This limitation results in increased costs associated with changing business rules within an organization.

LendAPI Decision Engine and Beyond

• Our clients enjoy visual decision engine editor, API access, variable library, outcomes and workflow all in one package. Sign up today at www.LendAPI.com