The Business rule engine has become a crucial element in lending automation, revolutionizing conventional lending practices, and significantly enhancing the system efficiency. This article aims to provide insights about BRE, examining the role played by the RAPID Decision Engine in lending automation and its contribution in improving the decision-making process within the lending landscape.
What is a Business Rule Engine:
Business rule engine is a specialized system crafted to oversee and execute business rules, thereby automating diverse functions. These rules encapsulate the logic and criteria essential for decision-making in various business processes. Its application extends throughout the lending process, to ensure precision, consistency, and adaptability.
Understanding Rapid’s Decision Engine:
Rapid’s Business Rule Engine (BRE) is a powerful tool that allows organizations to define, manage, and execute business rules efficiently. Its multi-tenant Business Rule Engine (BRE) has the versatility to seamlessly integrate diverse products and income estimation models, can engage in real-time dynamic computations, and empower users with intelligent decisioning tools like scorecards and models.
Key Features of Rapid’s BRE:
- Multi-tenant in nature – support multiple products
- Rapid BRE, with its user-friendly workbench, version control and collaboration tools, makes rule authoring effortless.
- Rapid Rule Engine has the capability to customize the system based on domain specific requirements.
- Rapid’s Decision Engine has an Intelligent workflow in which it can identify deviant values and identify the approval authority and initiate the workflow.
- The credit scoring module ensures precise evaluation through rule definition, data modelling capabilities – derivation/computation of direct & indirect variables, and dynamic algorithms.
- Decision Engine can host scorecards & models for decisioning.
Integrating Rapid’s BRE into existing system:
Rapid’s Business Rule Engine essentially is a versatile tool that caters to the specific needs of any lending organization.
Rapid’s implementation is based on Build – Operate – Transfer approach where we collect the program requirements, configure the BRE, and simplify the entire process for the lender.
Conclusion:
Hotfoot’s dynamic decision-making Rule engine emerges as a transformative influence within the lending landscape. With its features from providing user-friendly interface, to integration of domain specific modules, Rapid’s Decision Engine stands as testament for innovation and adaptability.
