Streamlining Business Lending Approval with Retool and Decisimo - Decisimo - Decision Intelligence Services

Published on: 2024-08-10 18:37:05

If you're looking to automate the approval process in a business lending setting and are moving from a manual process to an automated one, combining Retool and Decisimo can be an excellent choice for your workflow.

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Retool allows you to build application forms quickly, while Decisimo provides the capability for executing underwriting policies.

Together, these tools can help streamline and automate the decision-making process for loan applications. In the following guide, we'll outline the steps you can follow to integrate Retool and Decisimo and begin automating the approval process for business loans.

1.

Set up an endpoint in Decisimo

  • Set up an endpoint for your decision strategy in the Decisimo Portal. Note the URL that is generated for the endpoint, as well as the API key that is provided.
2.

Create Retool application form

  • The form should collect data such as the loan amount, borrower's income, credit score, and any other relevant data. You can import following app definition in JSON.
3.

Set up a Retool resource endpoint

  • Navigate to the Resources tab and select Create New > REST API.
  • Enter the Base URL and any Headers for your API.
  • Add a header for x-api-key and set the value to the API key you obtained from Decisimo.
4.

Add Retool query to call Decisimo

  • Create a new Retool query and set the endpoint to the one created in step 3
  • In the Query Editor, add the loan application data to the JSON body of the request.
  • Use a transformer to extract the decision result from the response JSON.
  • Add an action to store the decision result in the Retool database, using a column with an appropriate data type (e.g., text).
5.

Display decision result to user

  • Add a Retool component (e.g., a text box or label) to display the decision result to the user.
  • Bind the component to the column in the Retool database that stores the decision result.

With these steps, you should have a Retool application that can collect data about a loan application, send it to Decisimo for decision-making, and display the decision result to the user.

The combination of Retool and Decisimo can help automate the loan approval process and provide a streamlined and efficient underwriting workflow.