Since inception on March 1st 2024, we’ve been working diligently to improve the performance of our overall platform as well as fine tune our decisioning engine to power the most demanding applications.

We listened to our customers and implemented new features to help to implement critical credit and fraud detection models and rules, complex pricing algorithms as well as integrations with third party partners that enables them to farm important scores and attributes to better understand their customers credit seeking behavior.

Here are some challenges we faced and solved with ourselves and for our clients:

1. Variable and Data Enrichment: At launch, our platform offered a way for banks and fintechs to build additional variables right in our variable library. Sometimes pulling scores and attributes directly from third party vendors is not enough to fulfill all of the underwriting requirements from our bank clients. Oftentimes, they have the need to build additional derived variables using multiple variables and complex mathematical operations to compute a new variable. This is traditionally done with the client's engineering team which could be costly and time consuming. And the inability to make changes on the fly further inhibits banks to be more innovative. Most of the time, banks can make changes to their underwriting rules, scores and attributes once a year.

2. Machine Learning and other Model Integration: Credit risk modeling tools and languages have flourished over the years as well as professionals using these tools to build credit underwriting scores and models. Tools and programming languages such as Sagemaker, Python and even more traditional modeling languages such as PMML are now tablestakes at banks and financial institutions. Today LendAPI can easily implement scores and models built by any types of modeling tools and run compiled versions of model images with ease. This greatly enhances the bank’s ability quickly launch new underwriting models with respect to their ever changing marketing environment

3. Caching: When marketplaces are getting millions of inquiries for credit, insurance and demand deposit accounts, marketplace players have a choice. They can either pull a credit report every time an underwriting decision needs to be made or choose to cache the credit report and use it to save massive amounts of time and effort. Caching is key to marketplaces and banks that are underwriting millions of transactions a day. Have the ability to take advantage of a high speed caching architecture and a long look back period will make large banks and large marketplaces function easier and will save a massive amount of money and reduce compliance issues from unnecessary credit pulls.

4. Third Party Integrations: We are product and country agnostic when it comes to building and launching digital products. This is why we have to integrate with as many third party data providers as we can to speed up the product building process for everyone. Any identity verification bureaus, credit bureaus, income verification tools and payroll verification tools are all welcomed on the LendAPI platform. If the third party partners have an end-user styled access point, we will widgetize their software. If third party data providers have a straightforward API or endpoint, we will integrate and populate all the available scores and attributes available for our common clients to design their attributes, models and implement their machine learning algorithms.         

We believe that only with exposure to a massive amount of applications and data points will we learn the fastest and we thank all of our partners, clients and mentors for having this small moment of celebration.

We will see you guys at our next million milestone shortly.

About LendAPI

LendAPI is the only digital onboarding platform for banks with a suite of Product Studio, Pricing Engine and Rules Studio working in concert all in one platform. Follow us on Blog, Linkedin, X, YouTube.