Finance News

Lokyata Announces New Platform Enhancements To Modernize Decision Automation For Financial Institutions, Lenders

Lokyata Announces New Platform Enhancements To Modernize Decision Automation For Financial Institutions, Lenders
-Enhances Consumer, Small Dollar and Auto Lending Processes-

Lokyata, a company focused on delivering products that digitize, automate, and scale lenders’ credit decisions, has released a number of platform enhancements to help lenders further automate loan decisioning to save time, minimize manual work, standardize processes, and improve underwriting performance. The company sees particular opportunities to improve high-volume, small-loan departments, for consumer and auto loans.

Latest Fintech News: Afirme Taps Volante Technologies to Modernize its Payments Infrastructure

Lokyata’s self-service, no-code platform increases operational efficiencies through intelligent decision automation flows and “if/then” scenarios, which work in alignment with financial institutions’ own rules-based lending criteria. When implemented, Lokyata’s platform helps credit unions, banks and auto lenders access a larger lending pool of consumers, while also decreasing risk.

Key enhancements to the Lokyata platform include:

Powerful Decision Automation Flows

Through an intuitive, “drag and drop” user interface, lenders can create new flows, leverage alternative data sources, better calculate variables, apply institution-specific business rules, scorecards, and models.

Ability To Integrate With Any Data

API and/or DB-accessible data sources can be configured to feed the decision flow via data connectors, which then integrate with lenders’ existing loan origination systems (LOS) and loan management systems (LMS) to post decisions to them.

Latest Fintech News: MLTPLY Launches Stable Insurance Using INSTANDA’s Platform in Ten Weeks

Calculated Variables

Lenders can easily develop and test custom variable calculations within a no-code environment.

Easily Create or Edit Business Rules Within The Decision Flow

The Lokyata platform’s Rule Builder tool enables lenders to create and edit business rules and construct a rule set to guide automated decisioning to deny, approve or review loan applications.

Weighted Scorecards

Through the platform’s Scorecard Builder tool, lenders can better evaluate multiple data points, prioritize data and then calculate variables to reach a decision.

Machine Learning and AI Capabilities

Lokyata’s platform leverages Machine Learning and Artificial Intelligence to create actionable intelligence to support lenders’ decisioning flows. Our proprietary model transparency shows how the decisions were made. In addition to Lokyata models, the platform can also call external models, allowing clients to leverage their current underwriting models and technology stack.

“At Lokyata, we are always innovating to ensure that our solutions meet the business needs of credit unions, banks and lenders at the speed at which the market changes,” said Steve Bireley, Chief Technology Officer, Lokyata. “With these new enhancements to the Lokyata Platform, we are helping financial institutions realize significant gains in operational efficiency as well as improve the quality of their decisioning workflows, both of which position them to gain a competitive advantage in the marketplace.”

Latest Fintech News: Nokia Extends Strategic Partnership with Wipro to Drive Digital Transformation and Efficiencies in Global Business Services

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

Brankas Selected by Arab Financial Services to Strengthen the Open Finance Infrastructure in MENA

Fintech News Desk

Alipay Supports Over 100 Million Digital Torchbearers to Join the First-Ever Digital Cauldron Lighting for Asian Games

Business Wire

APOLLO Insurance Partners With Perch to Offer Their Customers Access to Immediate Digital Insurance

Fintech News Desk
1