Lokyata bolsters its platform to help lenders modernize decision automation

Lokyata, a company focused on providing products that digitize, automate and adapt lenders’ credit decisions, has released a number of platform enhancements to help lenders further automate lending decisions to save time , minimize manual work, standardize processes and improve underwriting performance.

The company sees particular opportunities to improve the high-volume, small-loan departments for consumer loans and auto loans.

Lokyata’s self-service, no-code platform increases operational efficiency through intelligent decision automation flows and “if/then” scenarios, which operate according to customers’ own rules-based lending criteria. financial institutions. Once implemented, Lokyata’s platform helps credit unions, banks, and auto lenders access a larger pool of consumer loans, while reducing risk.

Key enhancements to the Lokyata platform include:

Powerful Decision Automation Flows
With an intuitive drag-and-drop user interface, lenders can create new feeds, leverage alternative data sources, better calculate variables, apply business rules, dashboards, and institution-specific templates .

Ability to integrate with any data
Data sources accessible via API and/or database can be configured to feed decision flow through data connectors, which then integrate with loan origination (LOS) systems and management systems (LMS) from existing lenders to send them decisions.

Calculated variables
Lenders can easily develop and test custom variable calculations in a no-code environment.

Easily create or modify business rules in the decision flow
The Lokyata platform’s Rule Builder tool allows lenders to create and edit business rules and build a set of rules to guide automated decision-making to deny, approve or review loan applications.

Weighted Dashboards
Using the platform’s Scorecard Builder tool, lenders can better assess multiple data points, prioritize the data, and then calculate variables to make a decision.

Machine learning and AI capabilities
Lokyata’s platform leverages machine learning and artificial intelligence to create actionable intelligence to support lender decision flows. The transparency of our proprietary model shows how decisions were made. In addition to Lokyata models, the platform can also call external models, allowing customers to leverage their current subscription models and technology stack.

“At Lokyata, we are constantly innovating to ensure that our solutions meet the business needs of credit unions, banks and lenders at the rate the market is changing,” said Steve Bireley, Chief Technology Officer at Lokyata. “With these new enhancements to the Lokyata platform, we are helping financial institutions achieve significant gains in operational efficiency and improve the quality of their decision-making workflows, enabling them to gain a competitive advantage in the market.”

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