Smart data use creates smarter lenders. Decisioning workflows transform the lending process for lenders because it produces a more efficient and faster lending lifecycle. The idea behind decisioning workflows is intuitive — automated decisioning and data checks based on customizable underwriting templates set by the lender.
Decisioning workflows enable lenders to run the most critical data points in the most logical order. Better yet, decisioning workflows mean avoiding unnecessary data checks and accurately qualifying applicants — saving lenders time and money.
Decisioning Workflows: The Lendflow Approach
Traditional loan applications are time consuming and inefficient. Manually checking loan applications excludes meaningful data when evaluating prospective SMB borrowers. This suboptimal approach yields suboptimal outcomes, where qualified SMB applicants are often denied the loans they need to operate.
There is good news, however — Lendflow’s decisioning workflows allow lenders to improve efficiency in their lending process without compromising their credit policies and requirements.
Here’s how Lendflow’s cutting-edge decisioning workflows are revolutionizing the underwriting process: it starts by tapping into powerful data sources so lenders can evaluate each SMB loan applicant given their complete credit profile — providing a higher degree of certainty when it comes to final credit decisions. Financial institutions can now not only automate their credit decisioning process by selecting the data checks they want to run on each applicant, but also set the order of each data point that generates a pass/fail/manual review result.
That way, if an SMB does not meet the “pass” criteria for certain data, the process is either stopped or sent to manual review based on the institution’s credit policies and requirements, which eliminates the need to run multiple data points (and incur associated costs) on those SMBs that do not meet the criteria. Credit checks are carried out only on the selected layers of relevant data. This helps to avoid additional, unnecessary, and costly credit checks if the most important data draws an early conclusion. Decisioning workflows also minimize manual reviews. Less manual review leads to less risk and better, faster credit decisions.
Key Features of Lendflow’s Decisioning Workflows
With Lendflow’s automated decisioning workflows, lenders build custom workflows, automate the decisioning process to combine maximum accuracy with optimal efficiency.
Lendflow’s Decisioning Workflows Allow Lenders to:
- Create and save templates for different data orchestration workflows
- Add, search for, or remove a data service (or API) to separate the necessary data services from the unnecessary ones
- Set pass, manual review, or fail statuses to determine the progression of the orchestration
- Set a pass status minimum and maximum values and create the lower and upper bounds that generate a pass, manual review, or fail for a particular service in the orchestration
- Customize the parameters and conditional arguments that define pass, manual review, or fail results
- Receive instant notifications for automated decisioning results.
- …and much more
With a custom view of the decisioning metrics, Lendflow optimizes workflow efficiency by marrying convenience with real-time results. Instead of running multiple manual checks based on spreadsheets containing loosely scattered data, Lendflow’s decisioning workflows organize and order the most important data points for you.
Lendflow’s intuitive interface also allows lenders to set the parameters for pass/fail/manual check results without sacrificing any control through the automated decisioning process. Our powerful credit decisioning engine gives you real-time results with the real-time alerts you need on every application that requires manual review.
How Lendflow Can Help Your Business
Finding qualified borrowers for loans will always be the lifeblood for lenders’ credit offerings. Before Lendflow came along, loan approvals traditionally took weeks, and required lenders to manually view credit data sets to qualify potential SMB borrowers. Lenders encountered a wide range of variables under manual processes that unnecessarily extended the lifecycle of application evaluations.
Lendflow’s decisioning workflows, on the other hand, open up a new world of possibilities. Lenders can now automate the decisioning process and shorten the turnaround time of each loan. By engineering a faster and more accurate credit decisioning process, decisioning workflows save lenders time and money. Added up, decisioning workflows are a no-brainer value add for lenders, financial institutions and fintechs, generating improved customer experiences and more optimal outcomes.
The future of lending is automated decisioning workflows, and Lendflow is leading the way. Our embedded lending platform transforms the underwriting process for lenders. More automation, less manual review, faster decisions and less risk — this is credit decisioning on your terms. To raise your lending business to the next level with Lendflow’s decisioning workflows, contact our team.