Speed to market.

The years of working with multiple groups of teams in house or externally sourced professionals for a long period of time to implement models and rules is a thing of the past. LendAPI’s Rules Studio enables anyone with any level of skillset and expertise to build any types of rules sets from scratch based on available data, score and attributes from third party integrators on LendAPI’s platform.

Traditionally, the risk manager or product manager will have to write complex business requirements on the third party integrations parties they like to use as well as the type of scores, attributes and variables they want to leverage from these third parties.

Recently, Frank Tian, the author of Unsecured Lending Risk Management mentioned the realities of launching new products that require a team of risk professionals and technical resources. LendAPI has alleviated all of these burdens with our platform.

Then the technology team will need to prioritize these requests and often months will be wasted before the requirements are understood and there could be another six to nine months or so to get the work prioritized and worked on. This delay is typical and many well established lenders as well as fintech startups meet the same fate. This delay slows down their speed to market and could impact their product launch and stay competitive.

With LendAPI, the risk managers and Tech team can work together and get new decisions launched at record speed. Risk Managers can implement rules on their own time using LendAPI’s Rules Studio, they can build, test and rebuild at their own pace. This workspace has never been seen in the industry before and it’s one of the most popular features we have at LendAPI. Some say that it’s actually fun to work in our Rules Studio.

Once the first version of the rule has been constructed, APIs are automatically generated for the tech team to integrate into their enterprise systems. Or these rules can be easily added to the pages built using LendAPI’s Product Builder. The entire exercise takes an afternoon. Some of the requirements to go even faster is to get your credentials from third parties you want to work with ahead of the time. Visit the Integrated Partners section of the platform and see if the third parties you want to use are already there. If not, one of the engineering teams at LendAPI can help you quickly get them onboarded and its data mapped out accordingly.

The total cost of ownership

Traditionally, lenders and fintechs have to piece together multiple platforms to launch their product. Often, they need to build an application flow in house with an engineer team. This could easily take up to a year to test and launch.

The same tech team might run into issues when it comes to designing and building a new decision engine. This type of software is a specialized piece of software that requires a lot of hands on experience and expertise to build it correctly and performs in sub-second response time.

Even if a team is successful at building some of the rules requested by the risk or data science team. The next natural progression is almost always, making changes and modifications to the underwriting criteria. The tech team all of the sudden finding themselves at an impasse of working on core business related activities or building out some of these fundamental building blocks. Unfortunately the executive team almost always focuses on business related tech needs and carries risk and credit needs as technical debt. Often, these technical debt will inhibit the business’s growth and hurt the company at the most critical stage of their growth, months or years down the road.

The fintech, financial services and the bank will need to make a critical decision when they decide to launch a new product. Building things in house or leverage platforms such as LendAPI to go to market quickly and with speed and accuracy and reduce the total cost of ownership of this decisioning layer of technology to a minimal amount.

For the cost of a junior engineer, you can have a completely full featured decisioning platform at your disposal. It reduced the regulatory, compliance and technical burden and let you redirect your ear marked investment into building your business. 

LendAPI has completely commoditized this layer of decisioning technology to help you launch your new products quickly and efficiently. Sign up for a free account today at www.lendapi.com.

Launch any financial product instantly

If you are ready with a design in mind, a few third parties are ready to go, sign up with LendAPI and start  building your product. 

Our platform is designed as a launch-yourself styled no code platform that’s highly customizable to your liking. Products launched through LendAPI are always private-labeled. It is not made or powered by LendAPI. The entire product, URL, logo, color scheme are all configurable to your brand guidelines. 

To CTOs, we are here to work as an extension of your team. We are professional grade engineers with decades of experience in banking and enterprise software development. We will help your team shine.

To CMOs, we have a ton of APIs for you to interface with Lead Generators, affiliates and publishers. You can manage these leads with marketing campaign rules using our rules studio. 

To CROs, the risk and credit team can finally have a place to build rules, test strategies, set A/B testing and conduct shadowing testing, back testing without having to bother your tech team. You can finally set your team free and implement your newest gradient boosting models as soon as they are ready.

Launching at ludicrous speed

If you need a helping hand, please visit our LendAPI Academy. We also have certified installation partners ready at your disposal. Our customer success engineering teams are happy to help if you don’t have time to get your hands dirty. Join us today at LendAPI.com

About LendAPI

LendAPI launches your financial products instantly. Follow us on Linkedin, X, YouTube, and check out our Decision Engine, Product Studio, Underwrite AI, Embedded Financing Product, Marketplace, Academy, Podcast, Capital and our Weekly Newsletter. Introducing our new community LendAPI Marketplace Slack Channel.