The Solution
To meet the strict deadline and the requirements elicited at the business analysis stage, ABLE Platform’s engineers used the cloud-based FICO Application Studio, which is built on the OutSystems Rapid Application Development platform.
The lending software platform modules
The Application Processing Module (APM) is a full-cycle loan application processor. It can operate in both automated and manual modes, and supports the following operations:
- Initial loan application review according to the bank’s internal guidance.
- Filling-in in applications during a consultation based on data from front-office banking systems.
- Queue management. By default, all applications are assigned to specific managers. An administrator can manually reassign the application, change its priority, or send it for re-processing in case of an error.
- Scoring. The foundation of the scoring system is FICO Blaze Advisor, a business rules management system that operates with a preconfigured set of rules. It enables the assessment of both external and internal credit histories. Based on this assessment, the software calculates the credit score for each application.
- Manual analysis of gray areas in applications by risk managers and underwriters.
- Automatic scoring of the borrower’s rating. Scoring is intended for evaluating the probability of the borrower’s default using a scoring card.
- The loan calculator defining the highest possible loan amount based on the borrower’s score and preferences.
- Fraud detection and prevention, including the analysis of external data sources to check whether the borrower is blacklisted.
- Application registration in the borrower’s digital account. The borrower’s complete information entered into the system becomes available for analysis to the participants of the loan application review process, who can attach electronic documents (statements, agreements, images, etc.), as well as leave their ratings and comments.
The Decision Module (DM) is a tool that provides the most important feature: the possibility to make fast changes in the system logic without the need for programming. The bank’s staff members can create, edit, delete and manage business rules fully on their own.
With this module, implementing changes became fast and easy. So much so that shortly after the delivery this subsidiary company became even more agile in pushing innovations than their parent banking organization.
ABLE Platform in a nutshell
Thanks to our choice of effective and reliable development tools, the development process itself was straightforward and well-paced, with no unexpected issues.
Our engineers finished the development and delivered the fully functional credit decision platform within the contractual terms.