Lokyata, a company focused on delivering products that digitize, automate, and scale lenders’ credit decisions, has released its latest enhancements to BankAnalyze, a real-time, automated credit decisioning tool that enables lenders to instantly review a bank statement and render an “approve,” “reject” or “manual review” decision.
“BankAnalyze is a next-generation tool designed to modernize how lenders manage decisioning”
BankAnalyze helps financial institutions, auto finance companies, and consumer lenders alike easily configure auto-fund and auto-deny rules, reducing the time and cost of managing loan decisioning. Lokyata’s latest updates include enhanced capabilities for self-service transaction category tagging, updating, and training that significantly streamlines the process for users.
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Because it leverages open application programming interface (API) technology, BankAnalyze can function as either a stand-alone feature or an embedded fintech solution to extend the value of lenders’ existing loan origination systems (LOS) by providing customer-permissioned bank statement analysis including: Average Monthly Net Income; Minimum Balance; Average Monthly Loan Payments; and Insufficient Funds (NSF) notifications. Financial institutions can then develop a corresponding points system and automate the approval process based on that system.
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Additionally, the business rules settings in BankAnalyze now allow lenders to create their own underwriting criteria to further support automated decisioning and counter inaccuracies often found in aggregators’ category tags – something that can greatly affect crucial summaries, calculations, and scores. These are then immediately recalculated through the system, automatically reflecting the tag changes.
“BankAnalyze is a next-generation tool designed to modernize how lenders manage decisioning,” said Steve Bireley, CTO at Lokyata. “By providing lenders with direct access to real-time borrower account information and the ability to design their own rules engines and decisioning trees, we are bringing a level of intelligent automation and improvement to the process that benefits lenders and borrowers alike.”
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