Published on 1/5/23
How does DecisionLogic support your 2023 roadmap?
As a pioneer in the IAV industry, DecisionLogic has over a decade of experience with digital bank statements and our best practices have become the industry gold standard. We pride ourselves on being a true partner in our client’s businesses, meaning we don’t gatekeep our keys to success. We love to share insights with our valued clients about how to make the most of Instant Account Verification products and features and help hone their company roadmap to perfection.
Let’s dive into a few of the most popular goals we hear from our clients for 2023.
If “increase revenue” is at the top of your list (when is it not?), request a conversion rate review, and best practices training. We will review your conversions on a granular level and combine bespoke recommendations with our tried-and-true best practices to give your success rate a bump.
Another hot topic recently is to “reduce borrower friction”, which is something DecisionLogic always has top of mind. It goes without saying that the more you can reduce borrower friction, the more borrowers will step through your application. For that, we offer workflow reviews based on our industry leading UX design to help you take your user journey from digital sandpaper to online smooth sailing.
And of course, the ever present “cut down on underwriting time”. Underwriting can be a long and tedious process, and have you noticed that underwriters are not getting cheaper? We noticed that too, and that’s where features like our proprietary Summary Analytics and Income Stability Score come into play. We put the curated data you need most at your fingertips, NOW! It’s all there in a super easy-to-read format to make quick work of loan decisioning.
“Better lead qualification” is another constant in the lending industry. Try moving DecisionLogic up in the waterfall and make us a lead qualifier. You’ll see how fast it can remove a lot of application clutter. Income is one the easiest “keep going” or “keep digging” flags. Use it to only spend extra time on the applications that really need a granular review. Putting IAV at the top of the workflow to verify income makes sense, and if you need to dig into the transactional history for underwriting you have that option too.
Do you have a call center? If so, you may have “reduce call center time” on your roadmap this year or in some cases, every year. This is one of our favorites; DecisionLogic has agent training on a wide array of subjects from how to help the borrower step through the verification process to next steps in case of a request error. We can set up as many as you need to accommodate schedules and get your agents up to speed with best practice knowledge which translates to call time reduction. Plus, you always have the option to send the borrower to us and skip the call center all together! Our world-class support team is happy to help your borrowers via call or email. No automated responses, or long phone queues. Live people helping live people. It’s the DecisionLogic difference.
Automation is another trending topic. “How do we cut down on manual processes without disrupting the workflow”? We have a suite of APIs to cover the most basic integration to fully automated applications. And don’t worry about figuring out what goes where; our technical support team is available at no additional cost to make custom recommendations on which endpoints should be used to support your workflow goals. We will be there for you and your development team as much or as little as needed from first sprint to the go-live date and beyond.
Let’s not forget some of the post-loan sides of lending, DecisionLogic can help with those too. If your 2023 includes an “increase in collections closed” bullet, we highly recommend using our Instant Refresh feature. It will allow you to keep up to date on borrowers’ account health, review income to determine payment size, and even know when you can take a payment, without having to track down the borrower.
Along similar lines, “reduce ACH bounce rates” has gotten upward momentum on recent roadmaps we’ve seen. We know that ACH bounces are a hassle, they are expensive, and to add insult to lending injury, they are labor-intensive. Our Instant Refresh feature is used by several of our clients to check if there is money in the account before the automated payment hits. Why not save yourself the headache, and trust me, your payments department will thank you!
Last but not least, a roadmap standard, “decrease fraud”. Identity verification is the cornerstone of everyone’s KYC and compliance policies. DecisionLogic has you covered here with DL Match powered by Experian. A unique, zero friction product that uses the application details you already have to instantly produce identity fraud flags. This can also be used in conjunction with instant account verification to validate identity and to remove the possibility of altered bank statements all in one super quick process. Talk about a superstar combo!