Platform News:

We’ve just finished our visit to Idaho Central Credit Union and we learned a lot. The people are the most important elements of a credit union and everything they do at ICCU is all about their members.

We’ve had multiple mentor swarm sessions for the past few days with ICCU’s executives as well as demos and project walk throughs that are critical to ICCU’s success. We listened to ICCU’s CEO, CLO, CPO, CFO, CIO and many other key executives to talk about their history and their steady growth for the past 50 years. We couldn’t have asked for a better experience.

Thanks to Curql Accelerator and Gener8tor for organizing this event and everyone in Cohort 4 thoroughly enjoyed this experience. Our next event will be in two weeks at NACUSO in Florida. We can’t wait to get on stage again and pitch our platform to thousands of Credit Unions and CUSOs. See you there.

We are breaking new records and headed to another application milestone. We will be announcing this new record in the next few days. We’ve also been shortlisted for a fintech award which we will be announcing next week as well. For now, hold your horses and give us a chance to dive a little deeper in our platform release.

Platform Update: v3.1.6

There is one thing for certain at LendAPI, we are constantly refining the way our platform works for our clients. Whether it’s new features, enhancements or bug fixes, our 20+ strong engineering team works night and day to make it all better, constantly. 

Even though LendAPI’s only been around for two calendar years, we’ve put more than 4 years worth of experience and knowledge into our platform. Our 24/7 dev environment plus all of the advanced A.I. tools at our disposal, we are moving faster than ever to deliver quality code to our client base.

We’ve made a point to be the most innovative embedded finance core infrastructure company. The only way to stay ahead is to release features daily and produce a general platform update every other week. The new version of our platform v3.1.6 packs a lot of punch with a brand new document center. The document center contains all of the documents, interactions between administrative staff and applicants. We will dive deeper in each of the new features with a dedicated section below.

We know you’ve been working with 20 year old digital onboarding technology and you don’t know how to live differently. Whenever we demo our platform in front of banking executives that’s been around for more than 20 years, they wouldn’t believe what they are seeing. It’s still mind boggling to see banks and credit unions unable to grow and beholden to their old platform. If you are willing to switch, please email us at info@lendpai.com. 

New: Document Center

Document Center is one of the most utilized features within the Agent Dashboard. It’s the central nerve system that contains all of the documents submitted and generated by the platform. Whether it is a driver license, bank statement or financial statements, all of this information is stored with an interactive workflow built around it.

In this new release, we reorganized the way documents are displayed. We refreshed the entire backend administrative user interface and user experience to give it a more clear and concise way to request new document, review document and download document.

We’ve separated the document uploaded by the applicant against contracts and consents generated by the platform.  

As a reminder, we implemented a Contract Regeneration process for backend administrative staff to augment certain parts of the promissory notes or contracts for the applicants to review and re-sign.

LendAPI has the most powerful document center, document scan driven by A.I. as well as document request, review and regeneration in the industry.

We’ve also introduced a brand new feature to control and review document uploads of the same variety with versioning. 

You can clearly track various versions of the document being uploaded and reviewed by the end user as well as with administrative staff. This way, each document type is tracked and if the applicant is being asked to upload the same document repeatedly, the back office personnel can easily track various attempts of upload over time.

This will give more context to the document reviewer and make the applicant interaction more robust and also create a continuous audit trail. We think you will enjoy this feature tremendously.

We’ve also revamped the document review process and built a fair amount of intelligence into the review process.

We have a brand new “Start Review” button with the number of document artifacts that need to be reviewed. This way, the auditor or the reviewer are given a clear indication of the amount of tasks ahead and create a virtual review session of all the documents that need to be reviewed.

We think you will love the new document center including document versioning, a brand new review sequencing process as well as a brand new redesign of the document center layout. This is now available in v3.1.6 for your enjoyment.

New: Application Velocity Manager

Our client finally has a managerial function within our system to define how many times the same application with the same primary key such as SSN is allowed to reapply.

This velocity counter serves many purposes. But first, we want you to know that each product created by the product designer can be managed individually. We think this granular level of control is necessary for you to have both flexibility and control.

So, what does it mean when you can control the number of duplicate applicants per primary key per product?

First, it alleviates the need to reset applications over and again for applicants that may have fat fingered their application. Historically, you limit one application per SSN to prevent unnecessary attempts to game the system.

The second purpose is to deflect fraud. When you have zero control over the number of attempts per SSN, email or phone number, a fraudster can keep on applying for a financial product over and over again until it’s successful. This puts unnecessary strain on your system and allows fraudsters to reverse engineer your underwriting system. 

We put this control in place so you can control how many applications and on which field you allow for duplicate applications to go through your underwriting process. We think these settings will help you reduce the number of complaints and increase vigilance to detect fraudulent attempts to go through your underwriting strategies.

What’s Next?

We are working to refactor our Product Studio. Our Product Studio has gone through several iterations of refinement but we are still not satisfied. With new UI technology and new interactive core components available now, we are using these new technologies to make product building an even more enjoyable experience for our customers.

We are also working on a new Queuing and Permission feature which will make workflow more intelligent and allow for more control over what a specific role can do on the platform.

About LendAPI

LendAPI is a complete AI-driven loan core that helps banks and retailers to launch any embedded financing products instantly. Request your demo at www.lendapi.com and follow us on Linkedin.