Lokyata, a company focused on delivering products that digitize, automate, and scale lenders’ credit decisions, has released its latest enhancements to BankAnalyze, a real-time, automated credit decisioning tool that enables lenders to instantly review a bank statement and render an “approve,” “reject” or “manual review” decision.

BankAnalyze helps financial institutions, auto finance companies, and consumer lenders alike easily configure auto-fund and auto-deny rules, reducing the time and cost of managing loan decisioning. Lokyata’s latest updates include enhanced capabilities for self-service transaction category tagging, updating, and training that significantly streamlines the process for users.

Because it leverages open application programming interface (API) technology, BankAnalyze can function as either a stand-alone feature or an embedded fintech solution to extend the value of lenders’ existing loan origination systems (LOS) by providing customer-permissioned bank statement analysis including: Average Monthly Net Income; Minimum Balance; Average Monthly Loan Payments; and Insufficient Funds (NSF) notifications. Financial institutions can then develop a corresponding points system and automate the approval process based on that system.

Additionally, the business rules settings in BankAnalyze now allow lenders to create their own underwriting criteria to further support automated decisioning and counter inaccuracies often found in aggregators’ category tags – something can greatly affect crucial summaries, calculations, and scores. These are then immediately recalculated through the system, automatically reflecting the tag changes. 

“BankAnalyze is a next-generation tool designed to modernize how lenders manage decisioning,” said Steve Bireley, CTO at Lokyata. “By providing lenders with direct access to real-time borrower account information and the ability to design their own rules engines and decisioning trees, we are bringing a level of intelligent automation and improvement to the process that benefits lenders and borrowers alike”