Introducing the Business Rule Engine - designed for unparalleled flexibility
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As interest rates rise at an accelerated pace, SME lenders face increasing pressure to stay ahead in an ever-shifting financial environment. To remain competitive, it’s not enough to simply respond to customer needs and business changes - efficiency is key. Lenders who have adopted advanced core banking systems can seamlessly adapt their platforms to meet the evolving demands of the market.
Summary
- The Business Rule Engine allows lenders to define and automate complex workflows and rule-based logic without heavy development.
- Users can roll out features, fee models, and event-driven rules in minutes, boosting speed-to-market and operational agility.
- SME lenders can easily manage broker-specific loan fees with flexible, low-code configurations that reduce cost and complexity.
“We are thrilled to introduce a groundbreaking business rule engine within our core banking platform, enabling users to easily customize rules. The integration of this feature reduces the time needed to launch new features from weeks to just days, empowering lenders to rapidly enter new markets and keep up with shifting customer demands.”
Connect with FridrikSME lenders use the BRE to facilitate broker loans
Here’s how SME lenders can optimize their operations using the Business Rule Engine.
In the UK, SME lenders often work with brokers to distribute loans, with the broker market representing a massive £45 billion in value. These lenders generate revenue through loan fees, making it critical to efficiently manage loans through broker workflows.
However, adjusting these fees can be more complicated than it appears. Working with multiple brokers requires adapting to varying fee structures, and depending on the lender's model, the number of brokers involved can be significant.
Customizing a core banking platform to accommodate different fee fields for each broker can be time-consuming and costly.
The business rule engine simplifies this by allowing lenders to quickly set up new fee structures without the need for custom development. When a loan is processed through a broker channel, the system tracks the broker(s) associated with the loan. A business rule might be created to apply a fixed or percentage-based fee for each payment made on the loan, with the specific fee amount varying by broker.
The Business Rule Engine (BRE) is set up to respond to loan payment events in our Core Banking platform. Upon receiving a payment notification, the BRE checks the loan and associated broker to determine if a fee should be applied. It calculates the fee based on predefined rules, applies it to the loan payment, and even manages the disbursement to the broker.
Feel free to get in touch, we are happy to showcase what the Business Rule Engine can do for you
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