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.”
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.”
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.”
Their 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.”
Steve Bireley, Chief Technology Officer, Lokyata, said:
“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. 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.”
As noted in the update, Lokyata’s global headquarters “is in Washington DC with offices in Europe, India, and Latin America to serve its world-wide customer base of banks, non-banking finance companies, credit bureaus, and fintech lenders.”
Lokyata’s deep lending and credit risk experience, “combined with a robust data science practice, pragmatic approach to data strategy, and scalable AI-driven platform deliver measurable results in increased loan approval rates, lower default rates, and improved financial margins.”