Published on 4/13/2023
14 ways our customers use DecisionLogic in their workflow
If conversion rate optimization is at the top of your roadmap this year like it is for so many, you’ll want to reach out to our support team at support@decisionlogic.com. We would be happy to do a workflow analysis for custom recommendations to fit your goals. In the meantime, here are a few of the many places DecisionLogic can make a difference in your waterfall.
Pre-Lead Purchase
- Search the bank information via API to quickly see if the lead is compatible with a DL supported bank before sending a link out to the borrower. We cover 98% of all online U.S. bank accounts but this will give you near instant validation.
- Use the DL Match standalone API for identity verification on the borrower to reduce fraud. KYC is huge in a lot of industries and doubly so in any financial based one. Our API has zero borrower friction, and you get results powered by Experian in seconds.
Pre-Underwriting
- Use IAV and DecisionLogic’s Stability Scores and Summary Analytics to identify the borrowers that may need a closer look. A low Income Stability Score and Summary Analytics Stability Score is a good flag to tell you if you need to “keep it moving” to underwriting or “keep digging” for income verification details if payroll validation is one of your key underwriting data points.
- Use DecisionLogic’s Summary Analytics categories to quickly locate the transactions you need to qualify for underwriting (i.e., must have less than # of NSF etc.).
Underwriting
- The IAV digital bank statement can be used to see transaction history in real time to gauge a borrower’s financial health and ability to repay the loan.
- Use DecisionLogic’s Summary Analytics Stability Scores to gauge the borrower’s consistency of income and sources.
- Summary Analytics Scores pulled via API can give you granular data points that could show indicators of a recent layoff or furlough.
Pre-Loan Deposit
- Use IAV as account verification for ACH payments. IAV qualifies as account validation per the new NACHA law and is a lot easier than microdeposits which not all borrowers are comfortable with.
- Use Instant Refresh to prevent loan stacking by re-pulling the newest transactions right before funding.
Pre-Payment
- Use Instant Refresh to check if there are funds in the account before pulling the payment via ACH so you don’t have to deal with the hassle of an ACH bounce.
- Use Instant Refresh and Summary Analytics to verify employment stability ( i.e., have they missed a payroll deposit since funding?). A defaulted loan does not help your business and does damage to the borrower. It may be time to reach out and renegotiate terms if that’s an option. It builds customer relationships and helps your bottom line in the long run; everyone is a winner.
Post-Loan
- Use Instant Refresh to determine if a borrower has funds for collections without borrower contact.
- Use the IAV transaction history to determine income and possible terms of collections payments.
- Use Instant Refresh to check on past clients for possible new loan offers.
- Use Instant Refresh to “pre-qualify” for a new loan and streamline the process for the returning client. You don’t need a new IAV link to fund, talk about friction-free 101!
There are countless use cases depending on your business and vertical which we would be happy to share in a personal consultation. We can also make recommendations on your user journey if your front-end workflow is on your priority list. Our best-in-class UX has seen over 80 million borrowers and counting. It’s the industry gold standard and the one that borrowers ask for again and again. With over a decade of experience perfecting our UX, we are here to help you with yours!
